Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. Sales revenue $ 472,000 Salaries expense 72,500 Interest revenue 5,800 Advertising expense 10,250 Gain on sale of investments 7,700 Cost of goods sold 259,600 Insurance expense 12,050 Interest expense 3,400 Income tax expense 33,500 Depreciation expense 19,000 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.)