Prepare closing journal entries for Koehn Company for the year ended December 31. Data for the closing entries are as follows:

Factory overhead, debit and credit balances .......... $199,200

Sales for the year ...........................................................877,400

Interest revenue ................................................................... 850

Cost of goods sold .........................................................581,000

Salaries expense ............................................................. 97,300

Office supplies expense ................................................... 2,260

Depreciation expense--office equipment ...................... 6,040

Utilities expense--office ................................................... 6,260

Bad debt expense ............................................................ 2,020

Advertising expense ........................................................ 9,100

Interest expense .............................................................. 9,900

Income tax expense ...................................................... 34,700