Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense $ 520,000 85,300 7,000 11,750 9,500 286,000 14,750 4,000 42,500 25,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entr required" in the first account field.) View transaction list Journal entry worksheet >