Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023:

Accounts Payable	$	25,460
Accounts Receivable		38,900
Accumulated depreciation, Equipment		10,490
Accumulated depreciation, Warehouse		20,980
Cash		8,100
Cash Dividends		19,300
Common Shares		109,000
Equipment		78,100
Income Tax Expense		40,300
Land		114,600
Notes Payable, due in 2026		33,300
Operating Expenses		108,900
Preferred Shares		38,900
Retained Earnings		27,420
Revenue		268,450
Warehouse		125,800

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 companys year-end.

Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end. \begin{tabular}{|l|l|} \hline 1 & \\ \hline 1 & Recordtoclosetherevenueaccounttotheincomesummary. \\ \hline 2 & Recordtoclosetheexpenseaccountstotheincomesummary. \\ \hline 3 Record to close the income summary to retained \\ earnings. \end{tabular} Calculate the post-closing balance in Retained Earnings at December 31, 2023. (Amounts to be deducted should be indicated by a ninus sign.)