Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020:

Accounts Payable	$	26,260
Accounts Receivable		39,700
Accumulated depreciation, Equipment		10,890
Accumulated depreciation, Warehouse		21,780
Cash		8,900
Cash Dividends		20,100
Common Shares		117,000
Equipment		78,900
Income Tax Expense		41,100
Land		122,600
Notes Payable, due in 2023		34,100
Operating Expenses		109,700
Preferred Shares		39,700
Retained Earnings		28,220
Revenue		276,850
Warehouse		133,800

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 companys year-end.

2. Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.)