The year-end financial statements are provided below.

Income Statement
Service revenue					$	87,500
Expenses:
Salaries	$	47,100
Supplies		9,600
Rent		7,700
Delivery		5,200				69,600
Net income					$	17,900

Statement of Stockholders' Equity
	Common				Retained				Total Stockholders'
	Stock				Earnings				Equity
January 1	$	70,000			$	34,500				$	104,500
Issue stock		12,000									12,000
Net income						17,900					17,900
Dividends						(5,000	)				(5,000	)
Ending balance, Dec. 31	$	82,000			$	47,400				$	129,400

Balance Sheet
Assets					Liabilities
Cash	$	7,500			Accounts payable					$	9,800
Accounts receivable		8,300			Stockholders' Equity
Land		123,400			Common stock	$	82,000
					Retained earnings		47,400				129,400
Total assets	$	139,200			Total liabilities and stockholders equities					$	139,200

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.)

2. Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.)