1. Prepare the necessary closing entries

$ 200,000 15,000 $ 1,000 48,000 2,000 275,000 180,000 355,000 195,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Stock APIC Retained Earnings Dividends Sales Revenue COGS Selling Expenses Administrative Expenses Rent Revenue Gain on Sale of Equipment Interest Expense Loss due to Storm Damage Income Tax Expense 29,500 4,500 125,000 1,000 145,000 84,000 Par $ 0.01 1,300,000 293,000 245,000 286,000 15,000 5,000 9,000 7,000 75,000 $ 2,085,000 $ 2,085,000