The following information relates to year-end adjusting entries as of December 31, 2021. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,000. Six months’ of the one-year insurance policy purchased on July 1 has expired. Four months of the one-year rental agreement purchased on September 1 has expired. Of the $1,800 of office supplies purchased on July 4, $300 remains. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded. Of the $2,800 of racing supplies purchased on December 12, $200 remains. Suzie calculates that the company owes $14,000 in income taxes. Post the closing entries of retained earnings to the T-account.