Need help with Closing

Journal Entry: Closing
12/31/2020
Briefly describe the issue and explain how you decided to handle it. Also show how you calculated any values.

g. In December, 2020, WKI management announces its decision to sell the construction division. In fact, it was able to tentatively negotiate a sale price of $715,000. WKI estimates it will incur $15,000 in legal and closing costs to complete the sale, which is expected to occur during the first half of 2021. As part of the sale, WKI will include the balances of the accounts related to the Horizon Marina project, including the CIP and Billings account, the part of the A/R balance associated with the project, and the following additional amounts: Cash to balance the G/L of the division Accounts Receivable 243,400 Construction in Progress as adjusted from item f Billings on Contract 2,028,000 Property, Plant & Equipment 259,200 Accumulated Depreciation 149,040 Accounts Payable 79,600 Retained Earnings the after-tax profit from 2020 on this division Hint: there should be an expected gain on this sale. h. WKI's effective tax rate is 24%. Ignore all other taxes. i. Prepare the closing journal entry for WKI at the end of 2020. j. There are 350,000 shares of common stock outstanding for 2020. Note: You must format your Excel solution so that I can print entire workbook" and display your name in the header and follow your solution without dangling blank pages. g. In December, 2020, WKI management announces its decision to sell the construction division. In fact, it was able to tentatively negotiate a sale price of $715,000. WKI estimates it will incur $15,000 in legal and closing costs to complete the sale, which is expected to occur during the first half of 2021. As part of the sale, WKI will include the balances of the accounts related to the Horizon Marina project, including the CIP and Billings account, the part of the A/R balance associated with the project, and the following additional amounts: Cash to balance the G/L of the division Accounts Receivable 243,400 Construction in Progress as adjusted from item f Billings on Contract 2,028,000 Property, Plant & Equipment 259,200 Accumulated Depreciation 149,040 Accounts Payable 79,600 Retained Earnings the after-tax profit from 2020 on this division Hint: there should be an expected gain on this sale. h. WKI's effective tax rate is 24%. Ignore all other taxes. i. Prepare the closing journal entry for WKI at the end of 2020. j. There are 350,000 shares of common stock outstanding for 2020. Note: You must format your Excel solution so that I can print entire workbook" and display your name in the header and follow your solution without dangling blank pages