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, $$6.$

b$.$ Wages payable, $$4.$

c$.$ Depreciation expense for the current year, $$9.$

d$.$ Income tax expense, $$7.$

Required:

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.

Journal entry worksheet

Record the closing entry for current year.

Note: Enter debits before credits.