Prepare the closing entries. L. Crane did not make any additional investments during the year.

The completed financial statement columns of the spreadsheet for Crane Company are shown as follows: Crane Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,800 112 Accounts Receivable 10.800 130 Prepaid Insurance 3,000 157 Equipment 24,500 158 4,600 201 9,200 212 2,600 Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue 301 20,000 12.100 306 400 60,500 622 Maintenance and Repairs Expense 1,600 622 Maintenance and Repairs Expense 1,600 711 Depreciation Expense 3,100 722 Insurance Expense 1,800 726 Salaries and Wages Expense 29,800 732 Utilities Expense 1,400 Totals 37,700 60,500 59,200 36,400 Net Income 22,800 22,800 60,500 60,500 59,200 59,200 Prepare the closing entries. L. Crane did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income / (loss)) Dec. 31 (To close drawings)