This problem has been solved! see the answeron december 31, 2016, ditka inc. had retained earnings of $275,800 before its closing entries were prepared and posted. during 2016, the company had service revenue of $176,100 and interest revenue of $85,300. the company used supplies in the amount of $91,900, advertising expenses were $17,200, salaries and wages totaled $19,500, and income tax expense was calculated as $15,300. during the year, the company declared and paid dividends of $6,800.required: a. prepare the closing entries dated december 31, 2016. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)1.record the entry for closing revenue and expense account.2.record the entry for closing dividend account.