View Policies Current Attempt in Progress Presented below are selected account balances for Novak Co. as of December 31, 2020. Inventory 12/31/20 $60.870 Cost of Goods Sold $227,386 Common Stock 73,930 Selling Expenses 16,313 Retained Earnings 45,100 Administrative Expenses 38.174 Dividends 18,061 Income Tax Expense 29,400 Sales Returns and Allowances 11.774 Sales Discounts 14,830 Sales Revenue 403,770 Prepare closing entries for Novak Co. on December 31, 2020. (Credit account titles are automatically indented when an not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit