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 $ 24,960 38,400 10, 240 29,480 7,600 18,800 104,000 77,600 39,800 109,600 32,800 108,400 38,400 26,920 263,200 120,800 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 from action lit View our entry worksheel No General Journal 2 Date December 31 2020 Debit Credit 1 Revenue 263,200 Income summary 263 200 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list View journal entry worksheet No General Journal Debit Date December 31 2020 Credit 1 Revenue Income summary 263,200 263,200 2 December 31 2020 Income summary 148, 200 Operating expenses Income tax expense 108.400 39.800 3 December 31 2020 Income summary Retained earnings 26.920 26 920 4 December 31 2020 Cash dividends 18,800 Retained earnings hy 18.800 2. Calculate the post-closing balance in Retained Eamings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign) 26.920 Post Closing Balance in Retained Earings: Retained eamings December 31, 2019 s And Prola Cash dividends Returned earrings December 31 2020