American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018 Debits Credits 100,000 950,000 7,500 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense De 520,000 190,000 35,000 50,000 7,000 8,000 preciation expense Interest expense Insurance expense Required: Prepare the necessary closing entries at December 31, 2018. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.)