Interiors With Oohs and Aahs sells custom home dcor. Following is the corporation's income statement. Use this

Interiors With Oohs and Aahs sells custom home décor. Following is the corporation's income statement. Use this statement to prepare closing entries. No dividends were declared during the period.

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Revenues INTERIORS WITH OOHS AND AAHS Income Statement For the Year Ending December 31, 20X4 Sales Less: Sales discounts Sales returns & allowances Net sales Cost of Goods Sold Beginning inventory, Jan. 1 Add: Purchases Freight-in Less: Purchase discounts Purchase returns & allowances Net purchases Goods available for sale Less: Ending inventory, Dec. 31 Cost of goods sold Gross Profit Expenses Salaries $887,654 $ 4,667 9,880 14,547 $873,107 $182,343 $593,356 21,090 $614,446 $ 3,501 19,009 22,510 591,936 $774,279 199,055 575,224 $297,883 $188,000 Insurance 9,152 Utilities 7,760 Freight-out 2,434 Depreciation 13,773 221,119 Net income $ 76,764