Prepare the required closing entries for the following selected accounts from the records of South-West Transport Inc. at December 31, 2017 (amounts in thousands):

How much net income did SouthWest Transport Inc. earn during the year ended December 31, 2017? Prepare a T-account for Retained Earnings to show the December 31, 2017, balance of Retained Earnings?

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$23,600 4,100 600 400 400 $11,600 Service revenue Cost of services sold Acculake depreiaion Selling, general, and 17,800 Depreciation expense Other revenue 6,900 Income tax expense Dividends 1,900 ncome tax payable administrative expense Retained earnings December 31, 2016 300