Turk Inc. has the following alphabetized list of adjusted account balances at December 31, 2020: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2023 Operating Expenses Preferred Shares i Retained Earnings Revenue Warehouse $ 25,360 38,800 10,440 20,880 8,000 19,200 108,000 78,000 40,200 113,600 33,200 108,800 38,800 27,320 267,400 124,000 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end.