Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020 Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2023 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse $ 25,060 38,500 10,290 20,580 7,700 18,900 105,990 77,700 39,900 118,600 32,900 108,500 38,500 27,020 264,250 121,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list Journal entry worksheet