The following trial balance was taken from the books of Fisk Corporation on December 31, 2020 Account Debit Credit $ 9,000 40,000 Cash Accounts Receivable Notes Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation--Equip. Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense Rent Expense Totals 10,000 34,000 4,800 100,000 126,000 50,000 12,800 $386.600 386.600 15,000 12,600 44,000 55,000 260,000 At year end, the following items have not yet been recorded: 1) Estimated bad debts, 5% of accounts receivable. 2) Depreciation on equipment, 10% per year on original cost. 3) Interest at 6% is receivable on the note for one full year. Assume that the firm uses the Allowance For Doubtful Accounts Questions: (a) Prepare the necessary adjusting entries. (b) Prepare the necessary closing entries. Then, compute ending balance of Retained Earnings? Show your calculation.