View Policies Current Attempt in Progress 3 Presented below are selected account balances for Vaughn Co. as of December 31, 2020. Inventory 12/31/20 $59,170 Cost of Goods Sold $229,168 75,850 Selling Expenses 16,253 Common Stock Retained Earnings 45,730 Administrative Expenses 38,552 Dividends 17,836 Income Tax Expense 30,560 Sales Returns and Allowances 11,966 Sales Discounts 14,830 415,500 Sales Revenue Prepare closing entries for Vaughn Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not in manually. If no entry is required, select "No entry for the account titles and enter for the amounts) Debit Credit No. Account Titles and Explanation (To close accounts with credit balances) (To close accounts with debit balances) (To close net income/(loss)) (To close dividends)