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Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024. Required: Prepare the necessary closing entries on December

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Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024. Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field

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