Exercise 2-14 Closing entries [LO2-7] Presented below is income statement information of the Schefter Corporation for the year ended Dec 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 $ 492,000 80,000 6,000 10,000 8,000 284,000 12,000 4,000 30,000 20,000 Required: Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction required" in the first account field.)