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 $ 25,760 39,200 10,640 21,280 8,400 19,600 Common Shares 112,000 Equipment 78,400 Income Tax Expense 40,600 Land 117,600 Notes Payable, due in 2023 33,600 Operating Expenses 109,200 Preferred Shares. 39,200 Retained Earnings Revenue Warehouse 27,720 271,600 128,800 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