Closing Entries Problem The completed financial statement columns of the worksheet for Niho Company are shown below. NIHO COMPANY Adjusted Trial Balance For the Year Ended December 31, 2017 No. Account Titles Dr. Cr. 101 Cash $5,200 112 Accounts Receivable 7,500 130 Prepaid Insurance 1,800 157 Equipment 33,000 158 Accumulated Depreciation-Equip. $8,600 201 Accounts Payable 11,700 212 Salaries and Wages Payable 3,000 311 Common Stock 20,000 320 Retained Earnings 14,000 332 Dividends 7,200 400 Service Revenue 45,000 622 Maintenance and Repairs Expense 4,400 711 Depreciation Expense 2,800 722 Insurance Expense 1,200 726 Salaries and Wages Expense 35,200 732 Utilities Expense 4,000 Totals $102,300 $102,300 Instructions (a) What is the company's net income for 2017? What is the company's post close retained earnings balance at 12/31/2017? (b) Prepare the closing entries. (c) Prepare a post-closing trial balance.