Exercise 3-17 (Algo) Record closing entries (LO3-6) Brea Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Accounts Debit Credit Retained Earnings $28,000 Dividends $2,000 Service Revenue 48,000 Interest Revenue 5,800 Salaries Expense 14,800 Rent Expense 5,000 Advertising Expense 2,800 Insurance Expense 10,800 Interest Expense 4,000 Required: 1. Prepare the necessary closing entries 2. Calculate the ending balance of Retained Earnings. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 44 Next >