presented below are selected accounts balance for XYZ as of dec 31. all account has normal balance. prepare the closing entries.

inventory 65000

sales revenue 520000

interest expense 7000

dividends 32000

accumulated depreciation 42000

common stock 80000

sales return 15000

sales discount 13000

depreciation expense 13000

cost of goods sold 326000

selling and administrative expense 59000

prepaid insurance 33000

income tax expense 42000

dividends payable 12000

retained earnings 55000

gain on sale 8000

allowance for doubtful accounts 11000

unearned revenue 18000

prepare closing entries