Brief Exercise 3-36 (Algorithmic) Preparing and Analyzing Closing Entries At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $66,700; Cost of Goods Sold, $35,000; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends, $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 Sales Revenue 66,700 Income Summary 66,700 (Close revenues) Dec. 31 Income Summary X Cost of Goods Sold 35,000 Interest Expense 3,200 > Wages Expense 8,000 (Close expenses) Dec. 31 Income Summary 20,500 Retained Earnings 20500