The year-end financial statements of Monarch Financial Services are provided below. Service revenue Expenses MONARCH Income Statement Salaries Supplies Rent Delivery Net income $80,200 $48,100 8,200 6,600 2,800 65,700 $14,500 MONARCH Statement of Stockholders' Equity Beginning balance, January 1 Issue stock Net income Dividends Ending balance, December 31 Common Stock Retained Earnings Total Stockholders' Equity $51,000 $31,400 $82,400 10,500 10,500 14,500 14,500 (5,100) (5,100) $61,500 $40,800 $102,300 Assets Cash $5,700 Accounts receivable 8,300 Land 101,000 Common stock Total assets $115,000 MONARCH Balance Sheet Liabilities Accounts payable Stockholders' Equity Retained earnings Total liabilities and equities Required: $12,700 $61,500 40,800 102,300 $115,000 1. Record year-end closing entries. 2. Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.)