Presented below are selected account balances for Crane Co. as of December 31, 2020. Inventory 12/31/20 $59,060 Cost of Goods Sold $223,940 Common Stock 73,580 Selling Expenses 16,304 Retained Earnings 45,560 Administrative Expenses 38,711 Dividends 17,785 Income Tax Expense 29,530 Sales Returns and Allowances 11,768 Sales Discounts Sales Revenue 15,210 403,540 Prepare closing entries for Crane 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.)