Question 3 1. 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 Selling, general, and administrative expense Retained earnings, December 31, 2015 Service revenue Depreciation expense Other revenue Income tax expense Dividends Income tax payable $11,600 17,800 6,900 1,900 23,600 4,100 600 400 400 300