Presented below are selected account balances for Alistair Co. as of December 31, 2012.

InstructionsPrepare closing entries for Alistair Co. on December 31, 2012. (Omitexplanations.)

Inventory 12/31/12 Common Stock Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $ 60,000 $235,700 16,000 38,000 30,000 75,000 45,000 18,000 Retained Earnings Dividends Sales Returns and Allowances Sales Discounts 15,000 390,000 Sales Revenue