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The year-end financial statements of Cobra Tax Services are provided below.

COBRA TAX SERVICES
Income Statement
Service revenue		$ 70,500
Expenses:
Salaries	$ 44,600
Utilities	6,800
Insurance	4,400
Supplies	1,400	57,200
Net income		$ 13,300

COBRA TAX SERVICES
Statement of Stockholders' Equity
	Common Stock	Retained Earnings	Total Stockholders' Equity
Beginning balance, January 1	$ 46,000	$ 23,100	69,100
Issue stock	16,000		16,000
Net income		13,300	13,300
Dividends		(4,600)	(4,600)
Ending balance, December 31	$ 62,000	$ 31,800	$ 93,800

COBRA TAX SERVICES
Balance Sheet
Assets		Liabilities
Cash	$ 3,300	Accounts payable		$ 5,300
Accounts receivable	5,800	Stockholders' Equity
Land	90,000	Common stock	$ 62,000
		Retained earnings	31,800	93,800
Total assets	$ 99,100	Total liabilities and equities		$ 99,100

Required:

1. Record year-end closing entries. 2. Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sheet.)