Finally, the last transaction has occurred and the doors are closed for the year. Now, the accountant must complete the final steps in the accounting cycle. Required: Reference the Financial Statements from Project No. 11 1. Record the closing entries to the Income Statement accounts to prepare the books for January a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using debits and credits. c. Show T-Accounts with beginning balances, transactions, and end balances. 2. Record the entry to close Dividends Declared. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions, and end balances. 3. Prepare a Post-Closing Trial Balance