Q2. Using the information below from the records of Creative Recreation Co. at December 31, 2017 (amounts in thousands) to answer the required questions. Cost of services sold 10,600 Retained earnings, Dec.31, 2016 1,900 Accumulated depreciation 17,800 Other revenue 500 General admin. expense 6,900 Depreciation expense 4,100 Income tax expense 400 Dividends 400 Income tax payable 300 Service revenue 23,600 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, 2017? Prepare a T-account for Retained Earnings to show the December 31, 2017, balance of Retained Earnings