American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Account Title Retained earnings Debits Credits Sales revenue 83,000 780,000 Interest revenue 4,500 Cost of goods sold 435,000 Salaries expense 130,000 Rent expense 18,000 Depreciation expense 33,000 Interest expense 5,300 Insurance expense 6,300 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)