Presented below are selected account balances for Kirby Co. as of December 31, 2014.

Instructions
Prepare closing entries for Kirby Co. on December 31,2014.

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Merchandise Inventory 12/31/14 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts $24,000 30,000 18,000 $164,000 90,280 6,400 7,200 Administrative Expenses 15,200 12,000 Sales Cost of Goods Sold Selling Expenses 4,800 6,000 Income Tax Expense