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 $30$

Accounts receivable $27$

Prepaid insurance $22$

Machinery $89$

Accumulated depreciation

Accounts payable $23$

Wages payable

Income taxes payable

Common stock $(5,000$ shares$)5$

Additional paid$-$in capital $69$

Retained earnings $21$

Revenues $($not detailed$)129$

Expenses $($not detailed$)37$

Totals $226226$

Other data not yet recorded at December $31$ include

Insurance expired during the current year, $$13.$

Wages payable, $$16.$

Depreciation expense for the current year, $$18.$

Income tax expense, $$6.$

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.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.

Other data not yet recorded at December $31$ include

a$.$ Insurance expired during the current year, $$13.$

b$.$ Wages payable, $$16.$

c$.$ Depreciation expense for the current year, $$18.$

d$.$ Income tax expense, $$6.$