Blue Company had the following account balances at year-end: Cost of Goods Sold $61,350, Inventory $17,960, Utilities Expense $32,910, Sales Revenue $124,050, Sales Discounts $1,490, and Sales Returns and Allowances $2,110. A physical count of inventory determines that merchandise inventory on hand is $12,520. They use the perpetual inventory system. Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manuallv. If no entrv is reauired. select "No Entrv" for the acrount titles and enter 0 for the amounts.)