A physical inventory taken at year end indicated that there was $125,000 on hand. The Estimated Returns Inventory is $8,200. Depreciation for the year is $24,500. On December 31, the close of the fiscal year, the balances of selected accounts appearing in the ledger of Broxton Gallery, an art retailer, are as follows: Accumulated Depr.-Building $365,000 Inventory $115,000 Administrative Expenses 440,000 Notes Payable 100,000 Building 810,000 Purchases 810,000 Retained Earnings 455,000 Purchases Returns and Allowances 2,500 Cash 78,000 Sales 1,700,000 Common Stock 75,000 Sales Tax Payable 4,500 Cost of Goods Sold 775,000 Selling Expenses 160,000 Dividends 15,000 Store Supplies 16,000 Interest Expense 6,000 Prepare the December 31 closing entries for Broxton Gallery. If an amount box does not require an entry, leave it blank. Dec. 31 Accounts Receivable Accounts Receivable Accounts Receivable Accounts Receivable Cash Cash Cash Cash Cash Sales Sales Dec. 31 Retained Earnings 15,000 Dividends 15,000