Presented below are selected account balances for Alistair Co. as of December 31, 2019.

Instructions
Prepare closing entries for Alistair Co. on December 31, 2019. (Omit explanations.)

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$ 60,000 Cost of Goods Sold 75,000 Selling Expenses 45,000 Administrative Expenses 18,000 Income Tax Expense 12,000 Inventory 12/31/19 $235,700 Share Capital-Ordinary Retained Earnings Dividends Sales Returns and Allowances 16,000 38,000 30,000 Sales Discounts 15,000 Sales Revenue 390,000