Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $600 were declared at the end of the year, and 640 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,930 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.

Credit $ Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Cash $ 1,440 Accounts receivable 2,250 Interest receivable 280 Prepaid insurance 1,610 Long-term notes receivable 2,900 Equipment 16,000 Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (830 shares) Additional paid-in capital Retained earnings Sales revenue Interest revenue Rent revenue Wages expense 19,000 Depreciation expense 1,77e Utilities expense 400 670 Insurance expense 7,300 Rent expense Income tax expense 2,640 5 56,260 Total 3,180 2,380 600 3,760 2,510 410 83 3,567 -720 39,552 260 680 $ 56,268