Presented below is income statement information of the Nebraska Corporation for the year ended December 31, 2016.

Sales revenue		680,000		Cost of goods sold		380,000
Salaries expense		95,000		Insurance expense		25,000
Dividend revenue		3,500		Depreciation expense		23,000
Miscellaneous expense		17,000		Income tax expense		40,000
Loss on sale of investments		8,500		Rent expense		15,000

Required:

Prepare the necessary closing entries at December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)