[The following information applies to the questions displayed below.) The year-end financial statements of Fighting Illini Financial Services are provided below. FIGHTING ILLINI Income Statement $81,700 Service revenue Expenses: Salaries Supplies Rent Delivery Net Income $48,400 8,500 6,900 3.100 66.900 $14,800 FIGHTING ILLINI Statement of Stockholders Equity Common Retained Stock Earnings Beginning balance, Jan. 1 $54,000 $31,700 Issue stock 12,000 Net income 14,000 Dividends (400) Ending balance, Dec. 31 566,000 141,100 Total Stockholders Equity 85,700 12,000 14,800 15.400 $107,100 $ 11,500 Assets Cash Accounts receivable Land $6,000 8,600 104.000 FIGHTINO ILLINT Balance Sheet Liabilities Accounts payable Stockholders' Equity Common stock Retained earnings Total liabilities and equities $66,000 41.100 107 100 $118,600 Total assets $118,600 Required: 1. Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet B. Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31 S Journal entry worksheet 1 2 Record the entry to close the dividends account. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Prey 39 40 of 50 41,106 41,199 Retained earnings Total liabilities and equities Total assets $118,689 107 100 $118,600 2. Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.) FIGHTING ILLINI Post-Closing Trial Balance Debit Accounts Credit af 0 $ 0 Totals