(The following information applies to the questions displayed below.) The year-end financial statements of Fighting Illini Financial Services are provided below. $81,200 FIGHTING ILLINI Income Statement Service revenue Expenses: Salaries $48, 300 Supplies 8,400 Rent 6,800 Delivery 3,000 Net income 66,500 $14,700 FIGHTING ILLINI Statement of Stockholders' Equity Common Retained Stock Earnings Beginning balance, Jan. 1 $53,000 $31,600 Issue stock 11,500 Net income 14, 700 Dividends (5,300) Ending balance, Dec. 31 $64, 500 $41,000 Total Stockholders Equity 84,600 11,500 14, 700 (5, 300) $105,500 S 25 Next > Lalu USLOerholders Equity Common Retained Stock Earnings Beginning balance, Jan. 1 $53,000 $31,600 Issue stock 11,500 Net income 14,700 Dividends (5,300) Ending balance, Dec. 31 $64,500 $41,000 Total Stockholders' Equity 84,600 11,500 14,700 (5,300) $105,500 $ 11,900 Assets Cash Accounts receivable Land $ 5, 900 8,500 103,000 FIGHTING ILLINI Balance Sheet Liabilities Accounts payable Stockholders' Equity: Common stock $64,500 Retained earnings 41.000 Total liabilities and equities 105,500 $117, 400 Total assets $117,400 quired: Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No Journal CE 22 23 of 25 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 23 22 of 25