Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable $ 25,060 Accounts Receivable 38,500 Accumulated depreciation, Equipment 10,290 Accumulated depreciation, Warehouse 20,580 Cash 7,700 Cash Dividends 18,900 Common Shares 105,000 Equipment 77,700 Income Tax Expense 39,900 Land 110,600 Notes Payable, due in 2026 32,900 Operating Expenses 108,500 Preferred Shares 38,500 Retained Earnings 27,020 Revenue 264,250 Warehouse 121,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the companys year-end. 2. Calculate the post-closing balance in Retained Earnings at December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.)