Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable $ 24,960 Accounts Receivable 38,400 Accumulated depreciation, Equipment 10,240 Accumulated depreciation, Warehouse 20,480 Cash 7,600 Cash Dividends 18,800 Common Shares 104,000 Equipment 77,600 Income Tax Expense 39,800 Land 109,600 Notes Payable, due in 2026 32,800 Operating Expenses 108,400 Preferred Shares 38,400 Retained Earnings 26,920 Revenue 263,200 Warehouse 120,800 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.)