Prepare the required closing entries for the following selected accounts from the records of SouthWest Transport Inc. at December 31, 2020 (amounts in thousands):

December 31, 2020? Prepare a T-account for Retained Earnings to show the December 31, 2020, balance of Retained Earnings.

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Cost of services sold. Accumulated depreciation... $11,600 Service revenue $23,600 17,800 Depreciation expense 4,100 Selling, general, and Other revenue 600 administrative expense... 6,900 Income tax expense. 400 Retained earnings, Dividends......... 400 December 31, 2019. 1,900 Income tax payable. 300