Exercise $13-21$A $($Algo$)$ Preparing closing entries LO $13-4$

The following financial information was taken from the books of Zone Health Club, a small spa and fitness club:

Account Balances as of

December $31,$ Year $2$

Accounts receivable $ $25,000$

Accounts payable $7,650$

Salaries payable $11,700$

Cash $40,500$

Dividends $5,200$

Operating expense $2,360$

Prepaid rent $2,500$

Rent expense $7,200$

Retained Earnings $1/1/$Year $218,700$

Salaries expense $31,400$

Service revenue $70,060$

Supplies $500$

Supplies expense $2,020$

Common stock $16,600$

Unearned revenue $6,570$

Land $14,600$

Required

Prepare the journal entries necessary to close the temporary accounts at December $31,$ Year $2,$ for Zone Health Club.

What is the balance in the Retained Earnings account after the closing entries are posted?