Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Accounts Payable Accounts Receivable $ 25,160 38,600 Accumulated depreciation, Equipment 10,340 Accumulated depreciation, Warehouse 20,680 Cash 7,800 Cash Dividends 19,000 Common Shares 106,000 Equipment 77,800 Income Tax Expense 40,000 Land 111,600 Notes Payable, due in 2023 33,000 Operating Expenses 108,600 Preferred Shares 38,600 Retained Earnings 27,120 Revenue Warehouse 265,300 122,800 The company uses an income summary account in the closing process. 1. Assuming normal balances, prepare the closing entries at December 31, 2020, 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. Credit 4 Record to close the Cash Dividends account to Retained Earnings. Note : = journal entry has been entered Record entry Clear entry View general journal > 2. Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Post-Closing Balance in Retained Earnings: Retained earnings, December 31, 2019 Retained earnings, December 31, 2020