Paradise Gardens Hire Ltd’s income statement is presented below. During the year, directors declared and paid a dividend of $16 000.

Required Prepare the necessary general journal entries to close the accounts of the company.

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INCOME Revenue: Hire fees - heavy equipment Hire fees - light equipment EXPENSES Salaries expense PARADISE GARDENS HIRE LTD Income Statement for the year ended 30 June 2019 Depreciation expense Insurance expense Repairs and maintenance expense Supplies expense Sundry expenses PROFIT $79 300 21 580 6770 4 090 1820 1860 $ 80 670 64 470 145 140 115 420 $ 29720