Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end of the year, and 590 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,980 in cash (for a total at the end of the year of 830 shares). These effects are included below:

Prepare the closing entry at the end of the current year.

Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit $ 1,480 2,250 Cash Accounts receivable Interest receivable 260 Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable 1,770 2,970 16,200 $3,120 2,360 640 3,840 2,690 Unearned rent revenue 530 Common Stock (830 shares) Additional paid-in capital Retained earnings 83 3,477 1,930 Sales revenue 39,210 Interest revenue 240 680 Rent revenue 20,200 1,630 Wages expense Depreciation expense Utilities expense 300 Insurance expense 700 Rent expense Income tax expense 8,300 2,740 $ 58,800 58,800 Total