Presented below are selected account balances for XYZ Corporation as of December 31, 2021.

Inventory 12/31/21 - $65,000

Cost of Goods Sold - $230,000

Sales Revenue - 450,000

Selling Expenses - 26,000

Interest Revenue - 10,000

Administrative Expenses - 28,000

Dividends - 20,000

Income Tax Expense - 20,000

Common Stock - 70,000

Retained Earnings - 48,000

Rent Revenue - 13,000

Allowance for Doubtful Accounts - 11,000

Accounts Receivables - 88,000

Rent Expense - 16,000

Instructions: Prepare the necessary closing entries for XYZ Corporation on December 31, 2021.