The year-end financial statements of Cobra Tax Services are provided below. Service revenue Expenses: Salaries Utilities Insurance Supplies Net income COBRA TAX SERVICES Income Statement $ 74,500 $ 45,400 7,600 5,200 1,800 60,000 $ 14,500 COBRA TAX SERVICES Statement of Stockholders' Equity Beginning balance, January 1 Issue stock Net income Dividends Ending balance, December 31 Common Stock $ 54,000 $ 23,900 24,000 Total Retained Stockholders' Earnings Equity 77,900 24,000 14,500 (5,400) 14,500 (5,400) $ 78,000 $ 33,000 $ 111,000 COBRA TAX SERVICES Assets Cash $ 4,100 Accounts payable Accounts receivable Land 6,600 105,000 Balance Sheet Liabilities Stockholders' Equity Common stock $ 4,700 Retained earnings $ 78,000 33,000 Total assets $ 115,700 Total liabilities and equities 111,000 $ 115,700 Required: 1. Transfer balances of all temporary accounts to Retained Earnings and calculate its ending balance. (Hint. The baland Retained Earnings after closing will be the amount shown in the balance sheet.) 2. Calculate all account balances after closing. Answer is not complete. Complete this question by entering your answers in the tabs below.