In the midst of closing procedures, Park Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have zero balances and that the Income Summary account has a single debit entry for \(\$ 320,000\) and a single credit entry for \(\$ 352,000\). The Dividends account has a debit balance of \(\$ 17,500\), and the Retained Earnings account has a credit balance of \(\$ 120,000\). Prepare journal entries to complete the closing procedures as of year-end.