Problem 3-6B (Static) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The year-end financial statements of Fighting Illini Financial Services are provided below. Service revenue Expenses: Salaries Supplies Rent Delivery Net income FIGHTING ILLINI Income Statement $89,700 $50,000 10,100 8,500 4,700 73,300 $16,400 FIGHTING ILLINI Statement of Stockholders' Equity Common Retained Total Stockholders' Stock Earnings Equity Beginning balance, January 1 $70,000 $33,300 $103,300 Issue stock 20,000 20,000 Net income. 16,400 16,400. Dividends (7,000) (7,000) Ending balance, December 31. $90,000 $42,700 $132,700 FIGHTING ILLINI Balance Sheet Assets Cash Accounts receivable Land Total assets Required: Liabilities $7,600 Accounts payable 10,200 Stockholders' Equity 120,000 Common stock $137,800 Retained earnings Total liabilities and equities $5,100 $90,000 42,700 132,700 $137,800 1. Record year-end closing entries. 2. Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.)