Accounts Payable 17,600 5,000 Oriental Corporation adjusted balances at December 31, Year 2 (listed alphabetically), were: Deferred Revenue Salaries and Wages Expense 5,950 | Income Tax Payable 730 Accounts Receivable Depreciation Expense Land Service Revenue 21,500 0 54,000 26,700 Acc. Dep-Equipment Dividends Notes Payable(LT) Supplies 2,500 15,000 14,500 18,400 Cash Equipment 85,000 42,650 Rent Expense 6,000 Supplies Expense 4,800 | Common Stock Income Tax Expense Retained Earnings 163,000 0 ? Oriental Corporation prepared, but did not yet post, adjusting journal entries (AJES) for $1,000 of depreciation and $7,600 of income taxes incurred but not yet paid. Required: 1.Post the two AJES, determine the new adjusted balances, and prepare an adjusted trial balance listing the accounts in proper order at December 31, Year 2. Solve for the "?" in Retained Earnings. 2.Does the Retained Earnings balance determined in requirement 1 represent the balance at December 31, Year 2, or December 31, Year 1? Explain. 3. Prepare the closing entries dated December 31, Year 2.