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

Sales revenue	$	448,000
Salaries expense		65,000
Interest revenue		5,200
Advertising expense		9,500
Gain on sale of investments		6,800
Cost of goods sold		246,400
Insurance expense		10,700
Interest expense		3,100
Income tax expense		29,000
Depreciation expense		16,000

Required: Prepare the necessary closing entries at December 31, 2021