3 Saved Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment $ 24,960 38,400 10,240 Accumulated depreciation, Warehouse 20,480 01:45:08 Cash 7,600 Cash Dividends 18,800 Common Shares 104,000 Equipment 77,600 Book Income Tax Expense 39,800 Land 109,600 Notes Payable, due in 2023 32,800 Operating Expenses 108,400 Preferred Shares 38,400 Retained Earnings 26,920 Revenue Warehouse 263,200 120,800 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. View transaction list Pocord to close the to the income 8 01:44:53 View transaction list eBook 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. 31, 202 the company's year-end. Credit Note : == journal entry has been entered Record entry Clear entry View general journal 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