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 Debit Credit Cash 11 Accounts receivable 8 Prepaid insurance 3 Machinery 70 Accumulated depreciation Accounts payable 4 Wages payable Income taxes payable Common stock (3,000 shares) 3 Additional paid-in capital 50 Retained earnings 2 Revenues (not detailed) 55 Expenses (not detailed) 18 Totals 112 112 Other data not yet recorded at December 31 include Insurance expired during the current year, $2. Wages payable, $2. Depreciation expense for the current year, $4. Income tax expense, $5. Required: 2. Using the adjusted balances, prepare the closing entry for the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.