Exercise 2-14 (Algo) Closing entries [LO2-8] Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense $ 480,000 75,000 6,000 10,500 8,000 264,000 12,500 3,500 35,000 20,000 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Exercise 2-14 (Algo) Closing entries [LO2-8] Presented below is income statement information of the Schefter Corporation for the year ended December 31,2024 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field