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Spicer Inc. showed 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 Retained Earnings Revenue Warehouse $ 25,860 39,300 10,690 21,380 8,500 19,700 113,000 78,500 40,700 118,600 33,700 109,300 39,300 27,820 272,650 129,800 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