Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Accounts Payable Accounts Receivable $ 26,460 39,900 Accumulated depreciation, Equipment 10,990 Accumulated depreciation, Warehouse Cash Cash Dividends 21,980 9,100 20,300 Common Shares 119,000 Equipment 79,100 Income Tax Expense 41,300 Land 124,600. Notes Payable, due in 2023 34,300 Operating Expenses 109,900 Preferred Shares 39,900 Retained Earnings Revenue Warehouse 28,420 278,950 135,800 The company uses an income summary account in the closing process.