The year-end financial statements of Viper Tax Services are provided below. Service revenue Expenses: Salaries Utilities Insurance Supplies Net income VIPER TAX SERVICES Income Statement $ 72,500 $ 45,000 7,200 4,800 1,600 58,600 $ 13,900 VIPER TAX SERVICES Statement of Stockholders' Equity Beginning balance, January 1 Issue stock Net income Dividends Ending balance, December 31 Common Stock $ 50,000 20,000 13,900 (5,000) Total Retained Stockholders Earnings $ 23,500 Equity 73,500 20,000 13,900 (5,000) $ 70,000 $32,400 $ 102,400 Accounts payable VIPER TAX SERVICES Balance Sheet Liabilities Stockholders' Equity Common stock Assets Cash $3,700 $ 7,500 Accounts receivable 6,200 Land 100,000 $ 70,000 32,400 Total assets $109,900 Total liabilities and equities 102,400 $ 109,900 Required: Retained earnings 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.