Current Attempt in Progress ho Presented below are selected account balances for Kingbird Co. as of December 31, 2020. Inventory 12/31/20 $ 60,590 Cost of Goods Sold $ 222,569 Common Stock 75.640 Selling Expenses 16.239 Retained Earnings 44 280 Administrative Expenses 37.517 Dividends 18,205 Income Tax Expense 29.700 Sales Returns and Allowances 12072 Sales Discounts 15.180 Sales Revenue 412,260 Prepare closing entries for Kingbird Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (To close accounts with credit balances) entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To close accounts with credit balances) 2. (To close accounts with debit balances) 3 (To close accounts with debit balances) (To close net income / (loss)) (To close dividends) List of Accounts