Presented below are selected account balances for Blossom Co. as of December 31, 2020.

Inventory 12/31/20		$59,590		Cost of Goods Sold		$229,667
Common Stock		74,470		Selling Expenses		16,223
Retained Earnings		44,230		Administrative Expenses		37,519
Dividends		18,226		Income Tax Expense		30,500
Sales Returns and Allowances		11,922
Sales Discounts		14,790
Sales Revenue		408,340

Prepare closing entries for Blossom Co. on December 31, 2020. (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 0 for the amounts.)