The following financial information was taken from the books of Zone Health Club, a small spa and fitness club:

Account Balances as of December 31, Year 1

Accounts receivable $ 25,400

Accounts payable 7,890

Salaries payable 10,800

Cash 40,900

Dividends 5,400

Operating expense 2,090

Prepaid rent 2,600

Rent expense 7,100

Retained Earnings 1/1/Year 1 20,900

Salaries expense 31,300

Service revenue 82,600

Supplies 570

Supplies expense 2,670

Common stock 22,000

Unearned revenue 7,280

Land 13,600

Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 1, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted?