Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2017:

Accounts Payable	26,660
Accounts Receivable	40,100
Accumulated depreciation, Equipment	11,090
Accumulated depreciation, Warehouse	22,180
Cash	9,300
Cash Dividends	20,500
Common Shares	121,000
Equipment	79,300
Income Tax Expense	41,500
Land	126,600
Notes Payable, due in 2020	34,500
Operating Expenses	110,100
Preferred Shares	40,100
Retained Earnings	28,620
Revenue	281,050
Warehouse	137,800

The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2017, the companys year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1

Record to close the revenue account to the income summary.

2

Record to close the expense accounts to the income summary.

3

Record to close the income summary to retained earnings.

4

Record to close the Cash Dividends account to Retained Earnings.

2. Calculate the post-closing balance in Retained Earnings at December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.)

Post-Closing Balance in Retained Earnings: Retained Earnings, December 31, 2016 Retained Earnings, December 31, 2017