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 2823 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse $ 24,960 38,400 10, 240 20,480 7,600 18,800 104,000 77,600 39,800 109,600 32,800 108,400 38,400 26,920 263,200 120,800 The company uses an income summary account in the closing process. 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year end. View transaction list Journal entry worksheet