Lakers Incorporated's fiscal year-end is December 31, 2021. The following is adjusted trial balance as of December 31.

1. prepare the necessary closing entries.

2. calculate the ending balance of retained earnings.

3. prepare a post closing trial balance

Credit Debit $ 11,500 36,500 27,500 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 2,500 25,000 37,500 8,500 3,500 54,500 19,500 12,500 9,500 7,500 $128,000 $ 128,000