E4-22 Recording Closing Entries 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 20 Accounts receivable 13 Prepaid insurance 8 Machinery 85 Accumulated depreciation Accounts payable 11 Wages payable Income taxes payable Common stock (4,000 shares) 4 Additional paid-in capital 67 Retained earnings 6 Revenues (not detailed) 82 Expenses (not detailed) 32 Totals 164 164 Other data not yet recorded at December 31 include: Insurance expired during the current year, $7. Wages payable, $4. Depreciation expense for the current year, $9. Income tax expense, $11. Required: 2. Using the adjusted balances, give the closing entry for the current year.