2 eBook The year-end financial statements are provided below. Income Statement Service revenue $87,500 Expenses: Salaries $47,100 Supplies 9,600 Rent 7,700 Delivery 5,200 69,600 Net income $17,900 Statement of Stockholders' Equity Retained Common Stock Earnings January 1 $70,000 $34,500 Issue stock 12,000 Net income 17,900 Dividends (5,000) Ending balance, Dec. 31 $82,000 Assets Liabilities $ 7,500 Accounts payable $9,000 Cash Accounts receivable Land 8,300 123,400 Stockholders' Equity Common stock $82,000 Retained earnings 47,400 129,400 Total assets $139,200 Total liabilities and stockholder's equities $139,200 Required: 1. Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) $47,400 Total Stockholders' Equity $104,500 12,000 17,900 (5,000) $129,400 Balance Sheet View transaction list Journal entry worksheet