Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024.

Required:
Prepare the necessary closing entries on December 31, 2024.

Transcribed Image Text:

Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments $492,000 80,000 6,000 10,000 8,000 Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense $284,000 12,000 4,000 30,000 20,000