American Chip Corporations fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018.

Account Title	Debits			Credits
Retained earnings					95,000
Sales revenue					900,000
Interest revenue					5,000
Cost of goods sold		495,000
Salaries expense		140,000
Rent expense		30,000
Depreciation expense		45,000
Interest expense		6,500
Insurance expense		7,500

Required: Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)