American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021. Debits Credits 92,000 870,000 3,500 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 480,000 110,000 27,000 42,000 6,200 7,200 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.) View transaction list Journal entry worksheet