Q2. Using the information below from the records of Creative Recreation Co. at December 31, 2020 (amounts in thousands) to answer the required questions. Cost of services sold 11,600 Accumulated depreciation 17,800 Retained earnings, Dec.31, 2019 Other revenue 1,900 500 General admin. expense 6,990 Depreciation expense 4,100 Income tax expense 400 Dividends 400 Income tax payable 300 Service revenue 25,300 Required: Prepare the required closing entries for the following selected accounts. How much net income did Creative Recreation Co. earn during the year ended December 31, 2020? Prepare a T-account for Retained Earnings to show the December 31, 2020, balance of Retained Earnings.