Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares $ 25,860 39,300 10,690 21,380 8,500 19,700 113,000 Equipment 78,500 Income Tax Expense 40,700 Land 118,600 Notes Payable, due in 2026 33,700 Operating Expenses 109,300 Preferred Shares 39,300 Retained Earnings Revenue Warehouse 27,820 272,650 129,800 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 company's year-end. 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. 4 Record to close the Cash Dividends account to Retained Earnings. Note: =journal entry has been entered Record entry x Clear entry View C 2. Calculate the post-closing balance in Retained Earnings at December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Post-Closing Balance in Retained Earnings: Retained earnings, December 31, 2022 Retained eamings, December 31, 2023