E3.16 (L05) (Closing Entries) Presented below are selected account balances for Alistair Co. as of December 31, 2019. Inventory 12/31/19 $ 60,000 75,000 45,000 18,000 12,000 15,000 390,000 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $235,700 16,000 38,000 30,000 Share Capital-Ordinary Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue Instructions Prepare closing entries for Alistair Co. on December 31, 2019. (Omit explanations.)