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

Accounts Payable	$	24,760
Accounts Receivable		38,200
Accumulated depreciation, Equipment		10,140
Accumulated depreciation, Warehouse		20,280
Cash		7,400
Cash Dividends		18,600
Common Shares		102,000
Equipment		77,400
Income Tax Expense		39,600
Land		107,600
Notes Payable, due in 2023		32,600
Operating Expenses		108,200
Preferred Shares		38,200
Retained Earnings		26,720
Revenue		261,100
Warehouse		118,800

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 companys year-end.

2. Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.)