Laker Incorporated’s fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31.

Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of Retained Earnings.
3. Prepare a post-closing trial balance.

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Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals Debit $ 12,000 39,000 30,000 4,000 20,000 13,000 10,000 8,000 $136,000 Credit $3,000 30,000 40,000 9,000 54,000 $136,000