Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021.

Required:Prepare the necessary closing entries at December 31, 2021.

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