Green valley Company prepared the Tollowing trial balance at the end of its first year or operations enaing December 31. 10 simpiity the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation UNADJUSTED Debit Credit 29 26 21 88 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 220 220 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $11. b. Wages payable, $15. c. Depreciation expense for the current year, $17. d. Income tax expense, $5. 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 first account field. Enter your answers in thousands.) Answer is complete but not entirely correct. No Transaction 1 a. Expenses Revenues Retained earnings General Journal Debit Credit 84 124 20 x