Cornerstone Fitness Inc. is a health and wellness centre. During 2015, Cornerstone Fitness earned $326,000 in revenue, incurred $98,000 of expenses, and paid $32,000 in dividends. Cornerstone Fitness recorded a gain in other comprehensive income of $28,500 as a result of revaluation of assets.
Journalize the closing entries for Cornerstone Fitness Inc. on December 31, 2015, assuming it uses an income summary and a dividends account.