The year-end financial statements of Python Tax Services are provided below. Service revenue Expenses: PYTHORT TAX SERVICES Income Statement Salaries Utilities Insurance Supplies Net income $ 68,500 $ 44,200 6,400 4,000 1,200 55,800 $ 12,700 PYTHORT TAX SERVICES Statement of Stockholders' Equity Beginning balance, January 1 Issue stock Net income Dividends Ending balance, December 31 Total Common Stock $ 42,000 12,000 Retained Stockholders' Earnings Equity $ 22,700 64,700 12,000 12,700 12,700 (4,200) (4,200) $ 54,000 $ 31,200 $ 85,200 PYTHORT TAX SERVICES Balance Sheet Liabilities Assets Cash $ 2,900 Accounts payable $ 5,100 Accounts receivable Land 5,400 Stockholders' Equity 82,000 Common stock $ 54,000 Retained earnings 31,200 85,200 Total assets $ 90,300 Total liabilities and equities $ 90,300 Required: 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.)