E4-22 (Algo) Recording A Closing Entry LO4-4 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Cash Debit 14 Credit Accounts receivable Prepaid insurance Machinery 11 6 73 Accumulated depreciation Accounts payable 7 Wages payable Income taxes payable Common stock (5,000 shares) 5 Additional paid-in capital 53 Retained earnings 5 Revenues (not detailed) 65 Expenses (not detailed) 21 Totals 130 130 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $4. b. Wages payable, $5. c. Depreciation expense for the current year, $7. d. Income tax expense, $8. Required: 2. Using the adjusted balances, give the closing entry for the current year. (If no entry is required for a transaction/event, select "N journal entry required" in the first account field. Enter your answers in thousands.)