Exercise 3-16 Presented below are selected account balances for Skysong Co. as of December 31, 2020. Inventory 12/31/20 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue $60,380 73,910 44,880 18,039 11,879 15,240 417,310 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $224,260 16,250 37,419 29,860 Prepare closing entries for Skysong Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 1. Sales Revenue 417310 417310 Income Summary (To close accounts with credit balances) 2. (To close accounts with debit balances) 3. (To close net income / (loss)) 4. (To close dividends)