2. Calculate the ending balance of Retained Earnings.

Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,800 38,500 29,500 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Corrmon Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 2,900 29,000 39,500 8,900 3,900 55,000 19,900 12,900 9,900 7,900 $135,300 $135,300 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet