Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2017:

Accounts Payable	26,460
Accounts Receivable	39,900
Accumulated depreciation, Equipment	10,990
Accumulated depreciation, Warehouse	21,980
Cash	9,100
Cash Dividends	20,300
Common Shares	119,000
Equipment	79,100
Income Tax Expense	41,300
Land	124,600
Notes Payable, due in 2020	34,300
Operating Expenses	109,900
Preferred Shares	39,900
Retained Earnings	28,420
Revenue	278,950
Warehouse	135,800

The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2017, the companys year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2017: Accounts Payable 26,460 39,900 10,990 21,980 9,100 20,300 119,000 79,100 41,300 124,600 34,300 109,900 39,900 28,420 278,950 135,800 Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2020 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2017, the company's year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Calculate the post-closing balance in Retained Earnings at December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) Post-Closing Balance in Retained Earnings: Retained Earnings, December 31, 2016 Retained Earnings, December 31, 2017