Presented below is income statement information of the Schefter Corporation for the year ended December $31,2024.$

Sales revenue $ $448,000$

Salaries expense $65,000$

Interest revenue $5,200$

Advertising expense $9,500$

Gain on sale of investments $6,800$

Cost of goods sold $246,400$

Insurance expense $10,700$

Interest expense $3,100$

Income tax expense $29,000$

Depreciation expense $16,000$

Required:

Prepare the necessary closing entries on December $31,2024.$