Seminoles Corporations fiscal year-end is December 31, 2018. The following is a partial adjusted trial balance as of December 31.

Accounts	Debit			Credit
Retained Earnings				$	22,000
Dividends	$	2,200
Service Revenue					42,000
Interest Revenue					5,200
Salaries Expense		14,200
Rent Expense		5,200
Advertising Expense		2,200
Depreciation Expense		10,200
Interest Expense		4,200

Required:

1. Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Calculate the ending balance of Retained Earnings.