The year-end financial statements of Python Tax Services are provided below. Service revenue Expenses: Salaries Utilities Insurance Supplies Net income PYTHORT TAX SERVICES Income Statement $ 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 Common Stock $ 42,000 12,000 Retained Earnings $ 22,700 Total Stockholders' Equity 64,700 12,000 12,700 (4,200) 12,700 (4,200) $ 54,000 $ 31,200 $ 85,200 Net income Dividends Ending balance, December 31 PYTHORT TAX SERVICES Balance Sheet Liabilities Assets Cash $ 2,900 Accounts payable Accounts receivable Land 5,400 82,000 Stockholders' Equity Common stock Retained earnings Total assets $ 90,300 Total liabilities and equities $ 54,000 31,200 Required: $ 5,100 85,200 $ 90,300 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.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record year-end closing entries.