On December 31, 2022, Ditka Incorporated had Retained Earnings of $280,800 before its closing entries were prepared and posted. During 2022, the company had service revenue of $181,100 and interest revenue of $87,800. The company used supplies in the amount of $94,400, advertising expenses were $17,700, salaries and wages totaled $20,250, and income tax expense was calculated as $16,300. During the year, the company declared and paid dividends of $7,300.

Required:

1. Prepare the closing entries dated December 31, 2022.
2. Enter the beginning balance into the following T-account for Retained Earnings and post the closing entries.