The following data were taken from the accounting records of Li Company at December 31, 2016 after adjusting entries have been entered. The December 31, 2016 closing entries have not been made.

Service revenue 166,000 Retained earnings 95,000 Accounts receivable 26,500 Salaries expense 88,000 Operating expense 15,400 Accounts payable 22,800 Supplies expense 760 Prepaid rent 4,000 Common stock 90,000 Supplies 400 Dividends 2,400 Insurance expense 1,600 Rent expense 20,000 Unearned revenue 1,530

Required: a) List the accounts that should be closed at the end of 2016. b) Prepare an income statement for Li Company for 2016. c) What is the balance in retained earnings after closing entries have been made?