EXERCISE II SUNDIAL Inc. Trial Balance December 31 Debit Credit $ 16 26 191 Cash Accounts Receivable. Equipment... Accounts Payable Capital Stock Retained Earnings Dividends. Service Revenue Salaries Expense. Depreciation. Supplies Expense $ 21 106 56 11 189 86 26 16 $372 $372 Required: Provide a full-written solution to explain how the correct answer is determined. 1 What is the balance in Income Summary before it is closed to Retained Earnings? a $61. b $50 c $73. d $145. 2 What is the balance in Retained Earnings after posting closing entries at December 31? a $117