Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable $ 25,860 39,300 Accumulated depreciation, Equipment Accumulated depreciation, Warehouse 10,690 21,380 Cash 8,500 Cash Dividends 19,700 Common Shares 113,000 Equipment 78,500 Income Tax Expense 40,700 Land 118,600 Notes Payable, due in 2026 33,700 Operating Expenses 109,300 Preferred Shares 39,300 Retained Earnings Revenue Warehouse 27,820 272,650 129,800 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 company's 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.)