Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Sed Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Incone Tax Expense Land Notes Payable, due in 2023 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse $ 26,060 39,500 10,790 21,589 8,700 19,900 115,000 78,700 40,900 120,600 33,900 109,500 39,500 28,020 274,750 131,800 The company uses an income summary account in the closing process Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list Journal entry worksheet d Record to close the revenue account to the income summary. Note: Enter debits before credits Date December 31, 2020 General Journal Debit Credit Record entry Clear entry View general Journal 2. Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Post-Closing Balance in Retained Earnings: Retained earings, December 31, 2019 Retained earnings December 31, 2020