Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Cash Accounts receivable Debit Credit 19 16 Prepaid insurance 11 Machinery 78 Accumulated depreciation Accounts payable 12 Wages payable Income taxes payable Common stock (7,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals 7 58 10 83 26 160 160 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $9. b. Wages payable, $10. c. Depreciation expense for the current year, $12. d. Income tax expense, $13. Required: 2. Using the adjusted balances, give the closing entry for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)