Laker Incorporated?s fiscal year-end is December 31, 2021. 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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Credit Accounts Debit $ 12,000 Cash Supplies 39,000 30,000 Prepaid Rent $ 3,000 Accounts Payable Notes Payable 30,000 40,000 Common Stock Retained Earnings 9,000 4,000 Dividends 54,000 Service Revenue Salaries Expense 20,000 13,000 Advertising Expense Rent Expense 10,000 Utilities Expense 8,000 $136,000 $136,000 Totals