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 $ 25,360 38,800 10,440 20,880 8,000 19,200 108,000 78,000 40,200 113,600 Notes Payable, due in 2023 33,200 Operating Expenses 108,800 Preferred Shares 38,800 27,320 267,400 124,800 Retained Earnings Revenue Warehouse The company uses an income summary account in the closing process. Required: -Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list