Malibu Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Accounts Debit Credit Retained Earnings $20,000 Dividends $2,000 Service Revenue Interest Revenue 40,000 5,000 Salaries Expense 14,000 Rent Expense 5,000 Advertising Expense 2,000 Insurance Expense 10,000 Interest Expense 4,000 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings.