The year-end financial statements of Rattlers Tax Services are provided below.

RATTLERS TAX SERVICES
Income Statement
Service revenue				$	77,500
Expenses:
Salaries	$	46,000
Utilities		8,200
Insurance		5,800
Supplies		2,100			62,100
Net income				$	15,400

RATTLERS TAX SERVICES
Statement of Stockholders' Equity
	Common Stock			Retained Earnings			Total Stockholders' Equity
Beginning balance, Jan. 1	$	60,000		$	24,500		$	84,500
Issue stock		30,000						30,000
Net income					15,400			15,400
Dividends					(6,000	)		(6,000	)
Ending balance, Dec. 31	$	90,000		$	33,900		$	123,900

RATTLERS TAX SERVICES
Balance Sheet
Assets				Liabilities
Cash	$	4,700		Accounts payable				$	3,000
Accounts receivable		7,200		Stockholders' Equity:
Land		115,000		Common stock	$	90,000
				Retained earnings		33,900			123,900
Total assets	$	126,900		Total liabilities and equities				$	126,900

4.

value: 0.83 points

Required information

Required:

1.	Record year-end closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

2.	Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sheet.)