Item21

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Item 21

Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021.

Sales revenue	$	692,000		Cost of goods sold	$	385,000
Salaries expense		96,000		Insurance expense		26,000
Dividend revenue		3,600		Depreciation expense		24,000
Miscellaneous expense		18,000		Administrative expense		41,000
Loss on sale of investments		8,600		Rent expense		16,000
Dividends		11,000

Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)