BE 2-12 Closing entries LO2-8 The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances retained earnings, $220,000; dividends, $12,000: sales revenue, $850,000; cost of goods sold, $580,000 salaries expense. $180,000, rent expense, $40,000, and interest expense, $15,000. Prepare the necessary closing entries