Prepare necessary closing entries, calculate the ending balance of retained earnings, and prepare a post-closing trial balance.

Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Debit $10,500 31,500 22,500 Credit Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue $ 1,500 15,000 32,500 7,500 2,500 18,500 8,500 55,500 Salaries Expense Advertising Expense Rent Expense Utilities Expense 6,500 Totals $112,000 112,000