ICICS Current Attempt in Progress Presented below are selected account balances for Whispering Co. as of December 31, 2020 Inventory 12/31/20 $59,800 $225,355 75.680 15,780 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense 45,540 Common Stock Retained Earnings Dividends Sales Returns and Allowances 38,468 18,253 30.430 12,092 14,800 Sales Discounts Sales Revenue 411,720 Prepare closing entries for Whispering 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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To close accounts with credit balances) Question 7 of 10 -/1 E 2 (To close accounts with debit balances) 3 (To close net income/(loss)) 4. (To close dividends)