Required information [The following information applies to the questions displayed below.] The year-end financial statements of Fighting Illini Financial Services are provided below. FIGHTING ILLINI Income Statement $82,700 Service revenue Expenses: Salaries Supplies Rent Delivery Net income $48,600 8,700 7,100 3,300 67,700 $15,000 FIGHTING ILLINI Statement of Stockholders' Equity Common Retained Stock Earnings Beginning balance, Jan. 1 $56,000 $31,900 Issue stock 13,000 Net income 15,000 Dividends (5,600 Ending balance, Dec. 31 $69,000 $41,300 Total Stockholders' Equity 87,900 13,000 15,000 (5,600) $110,300 Assets Cash Accounts receivable Land $ 10,700 $ 6,200 8,800 106,000 FIGHTING ILLINI Balance Sheet Liabilities Accounts payable Stockholders' Equity: Common stock Retained earnings Total liabilities and equities $69,000 41,300 110,300 $121,000 Total assets $121,000 Required: 1. Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 3 > Record the entry to close the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal 2. Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.) FIGHTING ILLINI Post-Closing Trial Balance Debit Accounts Credit Totals $ 0 $ 0