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 $29$

Accounts receivable $26$

Prepaid insurance $21$

Machinery $88$

Accumulated depreciation

Accounts payable $22$

Wages payable

Income taxes payable

Common stock $(6,000$ shares$)6$

Additional paid$-$in capital $68$

Retained earnings $20$

Revenues $($not detailed$)124$

Expenses $($not detailed$)36$

Totals $220220$

Other data not yet recorded at December $31$ include

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

Wages payable, $$15.$

Depreciation expense for the current year, $$17.$

Income tax expense, $$5.$

Required:

$2.$ Using the adjusted balances, prepare the closing entry for the current year.