ACC2010 Ch4 Class Work Solutions 9/12 Nantucket Corporation has the following income statement for the year ended December 31. Sales Salaries Expense $750,000 Rent Expense $105,000 11,000 425,000 Utilities Expense Depreciation 4,500 Expense 9,500 Income Tax Expense 16,500 38,000 Dividend Revenue Interest Expense Gain on Sale of Equipment 6,000 Insurance Expense 23,000 Required: Prepare the necessary closing entries for December 31