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 Debit Credit Cash 25 Accounts receivable 22 Prepaid insurance 17 Machinery 84 Accumulated depreciation Accounts payable 18 Wages payable Income taxes payable Common stock (3,000 shares) 3 Additional paid-in capital 64 Retained earnings 16 Revenues (not detailed) 111 Expenses (not detailed) 32 Totals 196 196 Other data not yet recorded at December 31 include Insurance expired during the current year, $13. Wages payable, $16. Depreciation expense for the current year, $18. Income tax expense, $10. Required: 2. Using the adjusted balances, give the closing entry for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)