Presented below is information related to XYZ Corporation for the year ended 12/31/21. Cost of goods sold $2,080,000 Salaries and wages exp $ 610,000 Delivery expense 70,000 Sales discounts 80,000 Dividends 50,000 Accounts Receivable 167,000 Supplies Expense 35,000 Sales revenue 3,500,000 Allowance for Doubtful Sales returns and 120,000 130,000 Accounts allowances Insurance expense 150,000 Dividends Payable 50,000 Rent expense 200,000 Supplies 12,000 Instructions Prepare the necessary closing entries. Account Dr Cr