Required information [The following information applies to the questions displayed below.] The year-end financial statements of Rattlers Tax Services are provided below. RATTLERS TAX SERVICES Service revenue Expenses: Salaries Utilities Insurance Income Statement $73,000 $45,100 7,300 4,900 Supplies Net income 1,650 58,950 $14,050 RATTLERS TAX SERVICES Statement of Stockholders' Equity Common Retained Total Stockholders' Stock Earnings Equity Beginning balance, Jan. 1 $51,000 $23,600 74,600 Issue stock 21,000 21,000 Net income 14,050 14,050 Dividends (5,100) (5,100) Ending balance, Dec. 31 $72,000 $32,550 $104,550 RATTLERS TAX SERVICES Balance Sheet Assets Liabilities Cash $ 3,800 Accounts payable $ 5,550 Accounts receivable Land 6,300 100,000 Stockholders' Equity: Common stock Retained earnings Total assets $110,100 Total liabilities and equities $72,000 32,550 104,550 $110,100 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.)