Current Attempt in Progress Ivanhoe Ltd. is a private corporation reporting under ASPE. It has recorded all necessary adjusting entries at its fiscal year end, October 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Depreciation expense Dividends payable Income tax expense Income tax payable Insurance expense $15,600 83,000 100,000 33.000 21,000 35.120 2.700 5,800 Interest expense Notes payable Rent expense Retained earnings (Nov. 1, 2020) Salaries expense Service revenue Unearned revenue $4,600 80,000 26,000 424,800 191.000 436,000 20,000 All accounts have normal balances and total assets equal $731.000. Ivanhoe has a 20% income tax rate. IVANHOE LTD. Income Statement Year Ended October 31, 2021 Operating Expenses Depreciation Expense 33000 Insurance Expense 5800 Rent Expense 26000 Salaries Expense 191000 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Oct 31 Service Revenue 436000 Income Summary 436000 (To close revenue account.) Oct. 31 Income Summary Depreciation Expense Insurance Expense Rent Expense Salaries Expense Interest Expense Income Tax Expense (To close expense accounts Oct. 31 Income Summary Retained Earnings (To close Income Summary) Post the closing entries to the Income Summary and Retained Earnings accounts. (Post entries in the order of Journal entry presented in the previous part) Debit Credit Balance Income Summary Date Explanation Ref. Oct. 31 Closing entry 1 Oct. 31 Closing entry 31 Oct. 31 Closing entry 31 Retained Earnings Date Explanation Ref. Oct. 31 Balance Debit Credit Balance J1 Oct. 31 Closing entry Oct. 31 Closing entry 31 e Textbook and Media List of Accounts