Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021.

Sales revenue	$	528,000
Salaries expense		87,800
Interest revenue		7,200
Advertising expense		12,000
Gain on sale of investments		9,800
Cost of goods sold		290,400
Insurance expense		15,200
Interest expense		4,100
Income tax expense		44,000
Depreciation expense		26,000

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.)

• Record the entry to close the revenue accounts.
• Record the entry to close the expense accounts.