Exercise 3-18 (Static) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31. Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Required" in the first account field.) Complete this question by entering your answers in the tabs below. Calculate the ending balance of Retained Earnings
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