Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2018. Sales revenue $ 416,000 Salaries expense 55,000 Interest revenue 4,400 Advertising expense 8,500 Gain on sale of investments 5,600 Cost of goods sold 228,800 Insurance expense 8,900 Interest expense 2,700 Income tax expense 23,000 Depreciation expense 12,000 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.)