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

Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Accounts Payable $ 25,660 Accounts Receivable 39,100 Accumulated depreciation, Equipment 10,590 Accumulated depreciation, Warehouse 21,180 Cash 8,300 Cash Dividends 19,500 Common Shares 111,000 Equipment 78,300 Income Tax Expense 40,500 Land 116,600 Notes Payable, due in 2023 33,500 Operating Expenses 109,100 Preferred Shares 39,100 Retained Earnings 27,620 Revenue 270,550 Warehouse 127,800 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 company's year~end