Presented below are selected account balances forSheffieldCo. as of December 31, 2020.

Inventory 12/31/20

$60,190Cost of Goods Sold

$228,174Common Stock

74,190Selling Expenses

15,963Retained Earnings

44,110Administrative Expenses

37,903Dividends

17,932Income Tax Expense

29,630Sales Returns and Allowances

11,865Sales Discounts

14,880Sales Revenue

411,230

Prepare closing entries forSheffieldCo. on December 31, 2020