Prepare all necessary closing journal entries (Close directly to the Retained Earnings Account)

This is the income statement Revenue Cost of the Goods Sold Gross Profit Depreciation Expense Rent Expense Utilities Expense Insurance Expense Supplies Expense Vehicle Expense Wages Expense Total Operating Expense Operating Income Interest Expense Total Nonoperating Net Income 26,000 30,000 18,300 12,000 3,100 26,900 50,800 167,100 5,000 433,000 142,000 291,000 123,900 5,000 118,900 This Is the Balance sheet Cash Accounts Receivable Prepaid Insurance Supplies Inventory Total Current Assets Land Building Accum Depre-Building Equipment Accum Depre-Equipment Total Property Plant and Equipment Total Assets Accounts Payable Interest Payable Wages Payable Unearned Rev-Alarms Total Current Liabilities Long-Term Note Payable Total Long-Term Liabilities Common Stock Retained Earnings Total Equity Total Liabilities and Equity 53,550 164,000 9,000 200 75,000 85,000 250,000 -50,000 160,000 -24,000 90,500 5,000 2,400 30,000 150,000 200,000 244,850 301,750 421,000 722,750 127,900 150,000 444,850 722,750