Following is the adjusted trial balance of Midtown Repair Company at December 31, 2002. Midtown Repair Company Adjusted Trial Balance December 31, 2002 Prepare closing entries for Midtown Repair Company. Set up the Income Summary and the Retained Earnings accounts in the general ledger (in balance column format), and post the closing entries to these accounts. Determine the balance of the Retained Earnings account to be reported on the December 31, 2002 balance sheet