Presented below is income statement information of the Nebraska Corporation for the year ended December 31, 2018.

Sales revenue		860,000		Cost of goods sold		455,000
Salaries expense		110,000		Insurance expense		40,000
Dividend revenue		5,000		Depreciation expense		38,000
Miscellaneous expense		32,000		Income tax expense		55,000
Loss on sale of investments		10,000		Rent expense		30,000

Required: Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. Record the entry to close the revenue and losses using the income summary.

2. Record the entry to close the expense accounts using the income summary.

3. Record the entry to close the income summary account.

Date	General Journal	Debit	Credit
Dec 31, 2018
Dec 31, 2018
Dec 31, 2018