CP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial LO4-3, 4-5 Balance The following is a list of accounts and amounts reported for Empire Inc., for the fiscal year ended December 31, 2017. The accounts have normal debitor credit balances and the dollars are rounded to the nearest thousand. Accounts Payable $ 15,291 Long-Term Debt $ 531 60,914 Other Assets 27,294 Accounts Receivable Accrued abilities 12.098 Other Revenue 1.288 Accumulated Depreciation 7.315 Product Cost Expense 171 208 Cash 79.613 34,031 Property and Equipment Retained Earnings 91.768 80,226 Contributed Capital Income Tax Expense Inventories 11.782 Sales Revenue 132.110 27.056 Sellina. General, and Administrative Expenses 128.694 Required: 1. Prepare an adjusted trial balance at December 31, 2017. Is the Retained Earnings balance of $80.226 the amount that would be reported on the balance sheet as of December 31, 2017? TIP: Empire Inc did not declare a dividend during 2017, but it did earn net income. TIP: Total Debits equals 5540.627. 2. Prepare the closing entry required at December 31, 2017 3. Prepare a post-closing trial balance at December 31, 2017 TIP: Total Debits equals $228.938