Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable $ 25,960 Accounts Receivable 39,400 Accumulated depreciation, Equipment 10,740 Accumulated depreciation, Warehouse 21,480 Cash 8,600 Cash Dividends 19,800 Common Shares 114,000 Equipment 78,600 Income Tax Expense 40,800 Land 119,600 Notes Payable, due in 2026 33,800 Operating Expenses 109,400 Preferred Shares 39,400 Retained Earnings 27,920 Revenue 273,700 Warehouse 130,800 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.)