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Item 2

Item 2 5 points

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $610 were declared at the end of the year, and 690 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,890 in cash (for a total at the end of the year of 850 shares). These effects are included below:

Catenas Marketing Company
Adjusted Trial Balance
End of the Current Year
	Debit				Credit
Cash	$	1,360
Accounts receivable		2,390
Interest receivable		110
Prepaid insurance		1,680
Long-term notes receivable		2,870
Equipment		15,600
Accumulated depreciation				$	3,160
Accounts payable					2,380
Dividends payable					610
Accrued expenses payable					3,740
Income taxes payable					2,580
Unearned rent revenue					550
Common Stock (850 shares)					85
Additional paid-in capital					3,545
Retained earnings					1,550
Sales revenue					38,760
Interest revenue					200
Rent revenue					820
Wages expense		19,600
Depreciation expense		1,720
Utilities expense		230
Insurance expense		740
Rent expense		9,000
Income tax expense		2,680
Total	$	57,980		$	57,980

Prepare the closing entry at the end of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)