Unit 1: Unit1 AS: Exercises and Problems (Connect) 0 19 References Presented below is income statement information ofthe Schefter Corporation for the year ended December 31, 2021. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "Nojournai entry $496,000 77,000 6,400 11,000 8,600 272,800 13,400 3,700 38,000 22,000 required" in the rst account eld.) View transaction list View journal entry worksheet Saved / 1 Dec. 31,2021 Sales revenue 496,000 Interest revenue 6,400 f 2 Dec. 31,2021 Retained earnings Depreciation expense 22,000