The year-end financial statements of Fighting Illini Financial Services are provided below. $87,200 PIGHTING TALERI Incee Statent Service revenue Expenses Salaries $49,500 Supplies 9,600 Rent 8,000 Delivery 4,200 Net income 71,300 $15,900 FIGHTING TILINI Statement of stockholders' Equity Common Retained Stock Earnings Beginning balance, Jan. 1 $65,000 $32,800 Issue stock 17,500 Net income 15,900 Dividende (6,500) Ending balance, Dec. 31 $82,500 $42,200 Total Stockholders' Equity 97,800 17,500 15,900 (6,500) $124,700 $ 7,100 Assets Cash Accounts receivable Land $ 7,100 9,700 115,000 PIGHTING TILINI Balance Sheet Liabilities Accounts payable Stockholders' Equity: Common stock Retained earnings Total liabilities and equities $82,500 42,200 124,700 $131,800 Total assets $131,800 Required: 1. Record year-end closing entries. (If no entry is required for a particular transaction the first account field.) View transaction list Journal entry worksheet