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 $79,700 Service revenue Expenses: Salaries Supplies Rent Delivery Net income $48,000 8,100 6,500 2,700 65,300 $14,400 FIGHTING ILLINI Statement of Stockholders' Equity Common Retained Stock Earnings Beginning balance, Jan. 1 $50,000 $31,300 Issue stock 10, eee Net income 14,400 Dividends (5, eee) Ending balance, Dec. 31 $60,000 $40,700 Total Stockholders Equity 81,300 10,800 14,480 (5 , ) $100, 700 Assets Cash Accounts receivable Land $ 5,600 8,200 180, eee FIGHTING ILLINI Balance Sheet Liabilities Accounts payable Stockholders' Equity: Common stock Retained earnings Total liabilities and equities $ 13,100 Total assets $6e, eee 40,700 $113,800 100,700 $113,800 renare a nosteriorin Ending balance, Dec. 31 $68, eee $40,700 $100,700 Assets Cash Accounts receivable Land $ 13,100 $ 5,600 8,200 1ee, eee FIGHTING ILLINI Balance Sheet Liabilities Accounts payable Stockholders' Equity Common stock Retained earnings Total liabilities and equities $60,000 40.700 Total assets $113,800 100,700 $113,800 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