Exercise 3-16 Presented below are selected account balances for Monty Co. as of December 31, 2017. Inventory 12/31/17 Cost of Goods Sold $60,190 $228,174 Common Stock 74,190 Selling Expenses 15,963 Retained Earnings 44,110 Administrative Expenses 37,903 Dividends 17,932 29,630 Income Tax Expense Sales Returns and Allowances 11,865 Sales Discounts 14,880 411,230 Sales Revenue Prepare closing entries for Monty Co. on December 31, 2017