The year-end financial statements of Fighting Illini Financial Services are provided below.

Required:
1. Record year-end closing entries.
2. Prepare a post-closing trial balance.

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FIGHTING ILLINI Statement of Stockholders' Equity Common Retained FIGHTING ILLINI Income Statement Total Stock Earnings S. Equity S89,700Beg. bal., Expenses: Salaries Supplies Jan. 1 $70,000 $33,300 $103,300 Issue stock 20,000 Net income Dividends $50,000 20,000 16,400 10,100 8,500 4,700 73300 Ending bal, 16,400 Rent Delivery Net income $16400Dec 31 90,000 $4,00 132.700 FIGHTING ILLINI Balance Sheet Assets Liabilities 7,600 Accounts payable S 5,100 Cash Accounts receivable 0,200 Land Stockholders' Equity 120,000 Common stock $90,000 Retained earnings 42,700 $132,700 Total assets S137 800 Total liabs. and equities