Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2017: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2020 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 28,620 281,050 137,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2017, the company's year-end. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list 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. Credit 4 Record to close the Cash Dividends account to Retained Earnings. Note : = journal entry has been entered Record entry Clear entry View general journal