Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave it blank.

December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,000 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 4,800 Totals $144,380 $144,380 Dec. 31 Cash 1 Income Summary (Close revenues) Dec. 31 11111 0 Income Summary (Close expenses) Dec. 31 (Close Income Summary) Dec. 31 0 - (Clace Dividende