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 27 Accounts receivable 24 Prepaid insurance 19 Machinery 86 Accumulated depreciation Accounts payable 20 Wages payable Income taxes payable Common stock (6,000 shares) 6 Additional paid-in capital 66 Retained earnings 18 Revenues (not detailed) 116 Expenses (not detailed) 34 Totals 208 208 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $12. b. Wages payable, $13. c. Depreciation expense for the current year, $15. d. Income tax expense, $12. 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 rst account eld. Enter your answers in thousands.) 1 a. Revenues o 116 0 Expenses o 52 9 Retained earnings 0 64 6