American Chip Corporations reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Debits Credits Retained earnings $ 94,000 Sales revenue 890,000 Interest revenue 4,500 Cost of goods sold $ 490,000 Salaries expense 130,000 Rent expense 29,000 Depreciation expense 44,000 Interest expense 6,400 Insurance expense 7,400 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field