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 Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2023 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse $ 25,660 39,100 10,590 21,180 8,300 19,500 111,000 78,300 40,500 116,600 33,500 109,100 39,100 27,620 270,550 127,800 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. Journal entry worksheet Record to close the revenue account to the income summary. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 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