Preparing Financial Statements and Closing Procedures Solomon Corporation's adjusted trial balance for the year ending December 31, 2018, is: Solomon Corporation Adjusted Trial Balance December 31, 2018 Debit Credit Cash $4,000 Accounts Receivable 6,500 Equipment 78,000 Accumulated Depreciation $14,000 Notes Payable 10,000 Common Stock 43,000 Retained Earnings 12,600 Service Fees Revenue 71,000 Rent Expense 18,000 Salaries Expense 37,100 Depreciation Expense 7,000 Totals $150,600 $150,600 (a) Prepare its income statement and statement of stockholders' equity for the current year, and its balance sheet for the current year-end. Cash dividends were $8,000 and there were no stock issuances or repurchases. (b) Prepare entries to close its temporary accounts in journal entry form. (c) Set up T-accounts for each of the ledger accounts, enter the balances above, and post the closing entries to them. After these entries are posted, what is the post-closing balance of the Retained Earnings account