The trial balance of Goldsmith Inc. shown below pertains to December 31, 2017, which is the end of its fiscal year. Data needed for the adjusting entries include the following (all amounts in thousands): Supplies on hand at year-end, $2. Depreciation on furniture and fixtures, $20. Depreciation on building, $10. Salary owed but not yet paid, $5. Accrued service revenue, $12. Of the $45 balance of unearned service revenue, $32 was earned during the year. Accrued income tax expense, $35. 1-2.png Journalize the Goldsmith Inc: 2.png 3.png 4.png 5.png Requirement 1: Make Goldsmith Inc.s closing entries at December 31, 2017. Explain what the closing entries accomplish and why they are necessary. Hint: To close revenue accounts, debit each revenue account for the amounts reported on the income statement, and credit Retained Earnings for the total of the debits. To close expense accounts, credit each expense account for the amounts reported on the income statement, and debit Retained Earnings for the total of the credits. To close the dividend accounts, credit each dividend account for the amounts reported on the statement of retained earnings, and debit Retained Earnings for the total of the credits. Requirement 2: Post the closing entries to Retained Earnings and compare Retained Earnings ending balance with the amount reported on the balance sheet The two amounts should be the same. Hint: The balance in the Retained Earnings T-account should equal the Retained Earnings balance reported on the balance sheet. Requirement 3: Prepare Goldsmith Inc.s classified balance sheet to identify the companys current assets and current liabilities. (Goldsmith Inc. has no long-term liabilities.) Hint: The title must include the name of the company, Balance Sheet, and the date of the balance sheet. It shows the financial position on one specific date. The classified balance sheet uses the same accounts and balances as the given information. However, segregate current assets (assets expected to be converted to cash within one year) from capital assets, and segregate current liabilities (liabilities expected to be paid or settled within one year) from other liabilities