On December 31, 2016, Ditka Inc. had Retained Earnings of $272,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $173,100 and interest revenue of $83,800. The company used supplies in the amount of $90,400, advertising expenses were $16,900, salaries and wages totaled $19,050, and income tax expense was calculated as $14,700. During the year, the company declared and paid dividends of $6,500. Required: Prepare the closing entries dated December 31, 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) b. Prepare T-account for the Retained Earnings account