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Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023:

Accounts Payable	$	26,360
Accounts Receivable		39,800
Accumulated depreciation, Equipment		10,940
Accumulated depreciation, Warehouse		21,880
Cash		9,000
Cash Dividends		20,200
Common Shares		118,000
Equipment		79,000
Income Tax Expense		41,200
Land		123,600
Notes Payable, due in 2026		34,200
Operating Expenses		109,800
Preferred Shares		39,800
Retained Earnings		28,320
Revenue		277,900
Warehouse		134,800

The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the companys year-end.