The year-end financial statements of Python Tax Services are provided below. PYTHORT TAX SERVICES Income Statement $ Service revenue 75,000 Expenses: $ Salaries 45,500 Utilities 7,700 Insurance 5,300 Supplies 1,850 60,350 $ Net income 14,650 PYTHORT TAX SERVICES Statement of Stockholders' Equity Total Common Retained Stockholders Stock Earnings Equity $ $ 79,000 55,000 24,000 25,000 25,000 14,650 14,650 (5,500) (5,500) $ $ $ 113,150 80,000 33,150 PYTHORT TAX SERVICES Balance Sheet Liabilities $4,200 Accounts payable $ 7,750 6,700 Stockholders' Equity $ 110,000 Common stock 80,000 33,150113, 150 Retained earnings. $ Total liabilities $ Total assets 120,900 and equities 120,900 Required: 1. Record year-end closing entries. 2. Prepare a post-closing trial balance. (Hint. The balance of Retained Earnings will the amount shown in the balance sheet.) Beginning balance, January 1 Issue stock Net income Dividends Ending balance, December 31 Assets Cash Accounts receivable Land