Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2026 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse $ 26,660 40,100 11,090 22,180 9,300 20,500 121,000 79,300 41,500 126,600 34,500 110,100 40,100 620 281,050 137,800 The company uses an Income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end. 2. Calculate the post-closing balance in Retained Earnings at December 31, 2023. (Amounts to be deducted should be minus sign.)

Spicer Inc. showed the following alphabetized IIst of adjusted account balances at December 31,2023 : The company uses an income summary account in the closing process. Required: 1. Assuming normal balances. prepare the closing entrles at December 31, 2023, the company's year-end. 2. Calculate the post-closing balance in Retained Earnings at December 31, 2023. (Amounts to be declucted should b minus sign.)