• 1. Record to close the revenue account to the income summary.
• 2. Record to close the expense accounts to the income summary.
• 3. Record to close the income summary to retained earnings.
• 4. Record to close the Cash Dividends account to Retained Earnings.

Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Accounts Payable Accounts Receivable Accumulated depreciation Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2023 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse $ 26, 360 39,800 10,940 21,880 9.00 20,200 118.000 79,800 41.200 123,600 34,200 109,900 39.900 28,320 277,900 134,800 The company uses an Income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. 2 Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Post-Closing Balance in Retained Earnings: Retained earnings, December 31, 2019 Retained earnings. December 31, 2020