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.

$\backslash$table$[[,$UNADJUSTED$],[,$Debit,Credit$],[$Cash Account Titles,$21,],[$Accounts receivable,$18,],[$Prepaid insurance,$13,],[$Machinery$,80,],[$Accumulated depreciation,,$],[$Accounts payable,,$14],[$Wages payable,,$],[$Income taxes payable,,$6],[$Common stock $(6,000$ shares$),12,],[$Additional paid$-$in capital,,$],[$Retained earnings,,$],[$Revenues $($not detailed$),172,172],[$Expenses $($not detailed$),,],[$Totals$,,]]$

Other data not yet recorded at December $31$ include

a$.$ Insurance expired during the current year, $$11.$

b$.$ Wages payable, $$12.$

c$.$ Depreciation expense for the current year, $$14.$

d$.$ 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.