Please enter the closing entry at end of the current year

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end of the year, and 590 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,880 in cash (for a total at the end of the year of 840 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,480 Accounts receivable 2,320 Interest receivable 110 Prepaid insurance 1,680 Long-term notes receivable 2,950 Equipment 16,500 Accumulated depreciation $ 3,020 Accounts payable 2,360 Dividends payable 640 Accrued expenses payable 3,860 Income taxes payable 2,580 Unearned rent revenue 530 Common Stock (840 shares) 84 Additional paid-in capital 3,606 Retained earnings 1,830 Sales revenue 38,710 Interest revenue 140 Rent revenue 710 Wages expense 20,000 Depreciation expense 1,700 Utilities expense 230 Insurance expense 640 Rent expense 7,700 Income tax expense 2,760 Total $ 58,070 $ 58,070 Prepare the closing entry at the end of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)