The adjusted trial balance for Lloyd Construction as of December 31, 2014, follows:

An analysis of other information reveals that Lloyd Construction is required to make a $45,000 payment on the long-term notes payable during 2015. The notes receivable are due May 1, 2016. Also, Sig Lloyd invested $75,000 cash early in 2014.
Required
Prepare the closing entries made at the end of the year.