PLEASE HELP WITH THE ATTACHED ACCOUNTING STUDY QUESTION

Question 4 Prepare the required closing entries for the following selected accounts from the records of ShipIT Transportation Inc. at December 31, 2016. Cost of services sold Accumulated depreciation $11,600 17,800 Selling, general, and administrative expense 6,900 Retained earnings, December 31, 2015 1,900 Service revenue Depreciation expense 23,600 4,100 Other revenue 600 Income tax expense 400 Dividends 400 Income tax payable 300 How much net income did ShipIT Transportation Inc. earn during the year ended December 31, 2016? Prepare a T-account for Retained Earnings to show the December 31, 2016 balance of Retained Earnings