Presented below is income statement information of the Schefter Corporation for the year ended December $31,2024.$

$\backslash$table$[[$Sales revenue,$$492,000],[$Salaries expense,$80,000],[$Interest revenue,$6,000],[$Advertising expense,$10,000],[$Gain on sale of investments,$8,000],[$Cost of goods sold,$284,000],[$Insurance expense,$12,000],[$Interest expense,$4,000],[$Income tax expense,$30,000],[$Depreciation expense,$20,000]]$

Required:

Prepare the necessary closing entries on December $31,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Answer is not complete.

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$December $31,202,$Sales revenue,$>,492,000,],[,,$Interest revenue,$(,6,000,],[,,$Gain on sale of investments,$,8,000,],[,,$Service revenue,$\backslash$times $,,506,000],[2,$December $31,202,$No journal entry required,$\backslash$times $,,],[,,$Advertising expense,$(2),,],[,,$Cost of goods sold,$(,,],[,,$Insurance expense,$(,,],[,,$Interest expense,$(,,],[,,$Income tax expense,$(,,],[,,$Depreciation expense,$(,,],[,,$Salaries expense,$(,,]]$