1. The End of the Accounting Cycle the closing process: The adjusted trial balance for Recover, Ltd. as of 12/31/2020 is given below. Given this adjusted trial balance, complete the following: PART A-Record closing entries: Record all four closing journal entries Recover would make during the closing process on 12/31/2020 using the information in the adjusted trial balance given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/loss) amount to Retained Earnings. PART B - Calculate the ending balance of Retained Earnings: After completing PART A, calculate the ending balance of Retained Earnings that would appear on the Balance Sheet as of 12/31/2020. PART C - Prepare a post-closing trial balance: After completing PART A and B, prepare a post-closing trial balance for Recover, Ltd. as of 12/31/2020 with the list of accounts in the following order: assets, liabilities, common stock, and retained earnings Recover, Ltd. Adjusted Trial Balance As of 12/31/2020 CREDIT: Account: Cash A/R Prepaid Insurance Inventory Investments Equipment Accumulated Depreciation-Equipment DEBIT: $74,091 $87,022 $20,000 $61,489 $5,000 $90,000 $45,000 $200,000 Land A/P Wages Payable Utilities Payable Interest Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Sales Revenue Investment Revenue Cost of Goods Sold Interest Expense Insurance Expense Utilities Expense Wages Expense Depreciation Expense Dividends TOTAL $80,821 $9,000 $150 $200 $4,825 $20,000 $50,600 $231,324 $409,872 $100 $101,440 $600 $24,000 $1,800 $168,000 $18,000 $450 $851,892 $851,892