Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value. 2. Accrued salaries at year-end should be $6,300. 3. The company borrowed $30,300 on September 1,2024 . The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $520. 5. Prepaid rent expired during the period is $14,200. Cash dividends paid to shareholders during the year amounted to $7,875. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry to close the revenue accounts using retained earnings. Note: Enter debits before credits. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry to close the expense accounts using retained earnings. Note: Enter debits before credits. repare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. lote: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits