Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013

Sales revenue 492,000 cost of goods sold 284,000

Salaries expense 80,000 insurance expense 12,000

Interest revenue 6,000 interest expense 4,000

Advertising expense 10,000 income tax expense 30,000

Gain on sales of investment 8,000 depreciation expense 20,000

Required:

Prepare the necessary closing entries at December 31, 2013