Delivery Net income January 1 Issue stock Net income Dividends Ending balance, Dec. 31 Balance Sheet Liabilities Cash $ 7,500 Accounts payable $ 9,800 Assets Accounts receivable Land 8,300 Stockholders' Equity 123,400 Common stock $82,000 Retained earnings 47,400 129,400 Total assets $139,200 Total liabilities and stockholder's equities $139,200 Required: 1. Record year-end closing entries (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No Date General Journal Debit Credit December 31, 202 Service revenue 87,500 1 5,200 69,600 $17,900 Statement of Stockholders Equity Common Retained Stock Earnings $70,000 $34,500 12,000 17,900 (5,000) $82,000 Retained earnings $47,400 Total Stockholders Equity $104,500 12,000 17,900 (5,000) $129,400 87,500 02 2. Prepare a post-closing trial balance. (Hint. The balance of retained earnings will be the amount shown in the balance sheet) Answer is not complete. Post Closing Trial Balance Debit Credit Accounts Totals $ $ 0