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 $11,000 Dividends $1,100 Service Revenue Interest Revenue 31,000 4,100 Salaries Expense 13,100 Rent Expense 4,100 Advertising Expense 1,100 Insurance Expense 9,100 Interest Expense 3,100 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the ending balance of Retained Earnings. Retained Earnings 11,000 (30,500) > 14,500