closing entries

Problem #3 (Closing Entries for a Corporation) (15 points) Presented below are selected account balances for Kirby Co. as of December 31, 2017. Inventory 12/31/17 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts S24,000 Sales 30,000 18,000 7,200 4,800 6,000 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $164,000 90,280 6,400 15,200 12,000 Instructions Prepare closing entries for Kirby Co. on December 31, 2017