Problem # $2-$Closing Entries

Presented below is income statement information of the Schefter Corporation for the year ended December $31,2024.$

Sales revenue $$704,000$

Cost of goods sold $288,000$

Salaries expense $140,000$

Insurance expense $23,000$

Interest revenue $9,000$

Interest expense $7,500$

Advertising expense $5,500$

Income tax expense $64,000$

Gain on sale of investments $9,600$

Depreciation expense $33,000$

Drawing $4,000$

Required:

Prepare the necessary closing entries in December $31,2024.$