Closing Entries The income statement for Joe’s Asphalt, Inc., for the year ended December 31, 2009, is as follows

Required:
Dividends of $36,000 were paid on December 30, 2009.
1. Give the entry required on December 31, 2009, to properly close the income statement accounts.
2. Give the entry required to close the dividends account at December 31, 2009.

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Sales revenue Less expenses: Cost of goods sold Salaries expense Interest expense Office supplies expense Insurance expense Property tax expense Total expenses Net loss Joe's Asphalt, Inc. Income Statement For the Year Ended December 31, 2009 $726,000 $904,000 144,000 10,500 7,640 9,860 22,400 920,400 $ (16,400)