8 [The following information applies to the questions displayed below.] Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries. [The following information applies to the questions displayed below.] Part 2 of 3 Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries. 1.2 points eBook Trial Balance, December 31 of the current Year Before After Adjusting Entries Adjusting Entries Items Debit Credit Debit Credit a.Cash $ 14,500 $ 14,500 b. Accounts receivable 420 c. Prepaid insurance 720 480 d. Equipment 169,380 169,380 e. Accumulated depreciation, equipment $ 40,400 $ 46,300 f. Income taxes payable 1,710 Common stock and additional paid-in 9.capital 110,000 110,000 h.Retained earnings, January 1 16, 380 16,380 1. Service revenue 74,100 74,520 j. Salary expense 56.280 56,280 k.Depreciation expense 5,900 1. Insurance expense 240 m. Income tax expense 1,710 $ 240,880 $ 240,880 $ 248,910 $ 248,910 Print References 3. Compute earnings per share, assuming that 2,800 shares of stock are outstanding all year. (Round your answer to 2 decimal places.) Earnings per share 9 5. Record the closing entry at December 31 of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Part 3 of 3 Journal entry worksheet 1.2 points Record closing entry to transfer revenues and expenses to income summary. eBook Note: Enter debits before credits. Print Transaction General Journal Debit Credit 1 References Record entry Clear entry View general journal