Presented below are selected account balances for Crane Co. as of December 31, 2020. Inventory 12/31/20 $59,060 Cost of Goods Sold $223,940 Common Stock 73,580 Selling Expenses 16,304 Retained Earnings 45,560 Administrative Expenses 38,711 Dividends 17,785 Income Tax Expense 29,530 Sales Returns and Allowances 11,768 Sales Discounts 15,210 Sales Revenue 403,540 Prepare closing entries for Crane Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not inder manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation 1. Sales Revenue Income Summary (To close accounts with credit balances) 2. Income Summary Debit 403540 Credit 403540 Cost of Goods Sold Sales Returns and Allo Sales Discounts Selling Expenses Administrative Expens Income Tax Expense (To close accounts with debit balances) 223940 11768 15210 16304 38711 29530 3. Income Summary Retained Earnings (To close net income/(loss)) 4. Retained Earnings Dividends