Spicer Inc. showed the following alphabetized list of adjusted account balances at December $31,2023$:

$20$

& $011132$

Accounts Payable

$ $25,460$

Accounts Receivable

$38,900$

Accumulated depreciation, Equipment

$10,490$

Accumulated depreciation, Warehouse

$20,980$

Cash

$8,100$

Cash Dividends

$19,300$

Common Shares

$109,000$

Equipment

$78,100$

Income Tax Expense

$40,300$

Land

$114,600$

Notes Payable, due in $2026$

$33,300$

Operating Expenses

$108,900$

Preferred Shares

$38,900$

Retained Earnings

$27,420$

Revenue

$268,450$

Warenouse

$125,800$

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.