Journalize the closing entries for Boston Irrigation System. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Start by closing revenues.

Boston Irrigation System Income Statement Year Ended December 31, 2018 Revenues: Service Revenue $ 74,500 $ Expenses Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation ExpenseBuilding 1,100 16,400 1,100 2,200 2,500 1,800 Depreciation Expense-Building 1,800 Total Expenses 25,100 49,400 Net Income (Loss) Boston Irrigation System Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, January 1, 2018 Net income for the year $ 21,000 49,400 70,400 (2,200) 68,200 Dividends Retained Earnings, December 31, 2018 $ Boston Irrigation System Balance Sheet December 31, 2018 Assets Current Assets: Cash Accounts Receivable Prepaid Insurance Office Supplies 11,800 46,000 6,300 29,500 Total Current Assets $ 93,600 $ 93,600 $ Total Current Assets Property, Plant, and Equipment Building Less: Accumulated Depreciation-Building Equipment Less: Accumulated Depreciation-Equipment Total Property, Plant, and Equipment 38,000 63,000 (25,000) 28,000 (7,700) 20,300 58,300 $ 151,900 Total Assets Liabilities $ Current Liabilities: Accounts Payable Interest Payable Salaries Payable Unearned Revenue 32,100 2,200 2,600 2,100 $ 39,000 Total Current Liabilities Long-term Liabilities: Notes Payable Total Liabilities 32,700 71,700 Stockholders' Equity Common Stock 12,000 68,200 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 80,200 151,900