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 $ 26,760 40,200 11,140 22,280 9,400 20,600 122,000 79,400 41,600 Income Tax Expense Land Notes Payable, due in 2023 Operating Expenses 127,600 34,600 110,200 Preferred Shares Retained Earnings Revenue Warehouse 40,200 28,720 282,100 138,800 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 3 Record to close the revenue account to the income summary. Note: Enter debits before credits. Date December 31, 2020 Revenue General Journal Debit Credit 282,100 Income summary 282,100 Record entry Clear entry View general journal Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list Journal entry worksheet < 2 3 Record to close the expense accounts to the income summary. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Income summary 110,200 Operating expenses 110,200 Record entry Clear entry View general journal Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list Journal entry worksheet < Record to close the income summary to retained earnings. Note: Enter debits before credits. Date December 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list Journal entry worksheet < 3 Record to close the Cash Dividends account to Retained Earnings. Note: Enter debits before credits. Date General Journal Debit Credit 20,600 20,600 December 31, 2020 Retained earnings Cash dividends Record entry Clear entry View general journal 2. Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Post-Closing Balance in Retained Earnings: Retained earnings, December 31, 2019 Retained earnings, December 31, 2020