Use the following information from an adjusted trial balance to prepare an income statement for 2016 and a Balance Sheet at December 31, 2016. Administrative Expenses $250,000 Office Supplies 21,200 Building. 1,025,000 Retained Earnings 937,600 Capital Stock 200,000 Salaries Payable... .6,000 Cash.... 106,000 Sales 2,550,000 Cost of Merchandise Sold 1,400,000 Sales Discounts 40,000 Dividends... 50,000 Sales Returns and Allowances 160,000 Interest Expense 15,000 Selling Expenses ... 410.000 260,000 Merchandise Inventory 15,400 Store Supplies Notes Payable 59,000 use the list of the accounts above to prepare the closing entries for 2016