Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. Sales revenue $ 488,000 Salaries expense 77,500 Interest revenue 6,200 Advertising expense 10,750 Gain on sale of investments 8,300 Cost of goods sold 268,400 Insurance expense 12,950 Interest expense 3,600 Income tax expense 36,500 Depreciation expense 21,000 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.)