Exercise 3-17 (Algo) Record closing entries (LO3-6) Malibu 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 $23,000 Dividends $2,300 Service Revenue Interest Revenue 43,000 5,300 Salaries Expense 14,300 Rent Expense 5,300 Advertising Expense 2,300 Insurance Expense 10,300 Interest Expense 4,300 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings.