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Spicer Inc. showed the following alphabetized list of adjusted account balances at December 3 1 , 2 0 2 3 : Accounts Payable $ 2

Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31,2023:
Accounts Payable $ 25,160
Accounts Receivable 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 202633,000
Operating Expenses 108,600
Preferred Shares 38,600
Retained Earnings 27,120
Revenue 265,300
Warehouse 122,800
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 companys year-end.
2. Calculate the post-closing balance in Retained Earnings at December 31,2023.(Amounts to be deducted should be indicated by a minus sign.)

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