Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021.

Sales revenue	$	400,000
Salaries expense		50,000
Interest revenue		4,000
Advertising expense		8,000
Gain on sale of investments		5,000
Cost of goods sold		220,000
Insurance expense		8,000
Interest expense		2,500
Income tax expense		20,000
Depreciation expense		10,000

Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)