Laker Incorporateds fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.

Accounts	Debit				Credit
Cash	$	10,900
Supplies		33,500
Prepaid Rent		24,500
Accounts Payable					$	1,900
Unearned Revenue						19,000
Common Stock						34,500
Retained Earnings, January 1						7,900
Dividends		2,900
Service Revenue						55,100
Salaries Expense		18,900
Advertising Expense		11,900
Rent Expense		8,900
Utilities Expense		6,900
Totals	$	118,400			$	118,400

Required:

1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

2. Calculate the ending balance of Retained Earnings.