The adjusted trial balance of Ward Company at the end of the accounting year, December 31,202, showed the following: \begin{tabular}{l|r|r|} \hline \multicolumn{3}{l}{\multicolumn{3}{l}{ Adjusted Trial Balance }} & \\ \hline Account Titles & \multicolumn{1}{l|}{ Debits } & Credits \\ \hline Cash & $20,000 & \\ \hline Machinery & 90,000 & \\ \hline Accumulated Depreciation & & 16,000 \\ \hline Trade Payables & & 7,000 \\ \hline Share Capital & & 20,000 \\ \hline Retained Earnings & & 59,000 \\ \hline Service Revenue & & 40,000 \\ \hline Interest Expense & 4,000 & \\ \hline Operating Expenses & 17,000 & \\ \hline Depreciation Expense & 8,000 & \\ \hline Dividends declared and paid & 3,000 & \\ \hline Totals & $142,000 & $142,000 \\ \hline \hline \end{tabular} 1) Give all the required closing entries for Ward Company at December 31, 20X2. (You need not use the Income Summary account). 2) The 202 ending balance in retained earnings was \$