s and P3-6B The year-end financial statements of Fighting Illini Financial Services are provided below FIGHTING ILLINI 3-7) Statement of Stockholders' Equity FIGHTING ILLIN Total Common Retained Income Statement Stock Earnings S. Equity $89,700 Beg, bal Service revenue Jan. 1 $70,000 $33,300 $103,300 20,000 16,400 Expenses: $50,000 Salaries Issue stock 20,000 16,400 10,100 Supplies Net income (7,000)7,000 Dividends 8,500 Rent 4,700 73.300 Ending bal., 516,400 Dec. 31 $90,000 $42,700 $132.700 Delivery Net income FIGHTING ILLINI Balance Sheet Assets Liabilities $ 7,600 Accounts payable Cash $ 5,100 Accounts receivable 10,200 Stockholders' Equity 120,000 Common stock Land $90,000 Retained earnings Total assets $137800Total liabs. and equities 42.700 $132.700 137800 Required: 1. Record year-end closing entries. 2. Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.)