Turk Inc. has the following alphabetized list of adjusted account balances at December 31, 2020: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2023 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse $ 26,560 40,000 11,040 22,080 9,200 20,400 120,000 79,200 41,480 125,600 34,400 110,000 40,000 28,520 280,000 136,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list Journal entry worksheet 1 2 3 4 Record to close the revenue account to the income summary Record to close the revenue account to the income summary. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Record entry Clear entry View general journal 2. Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Post-Closing Balance in Retained Earnings: Retained earnings, December 31, 2019 Retained earnings, December 31, 2020