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On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	12,100
Accounts Receivable		35,800
Inventory		152,900
Land		76,300
Buildings		129,000
Allowance for Uncollectible Accounts					$	2,700
Accumulated Depreciation						10,500
Accounts Payable						27,600
Common Stock						209,000
Retained Earnings						156,300
Totals	$	406,100			$	406,100

During January 2021, the following transactions occur:

January 1		Borrow $109,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,107 are required at the end of each month for 60 months.
January 4		Receive $31,900 from customers on accounts receivable.
January 10		Pay cash on accounts payable, $20,000.
January 15		Pay cash for salaries, $29,800.
January 30		Firework sales for the month total $200,400. Sales include $65,900 for cash and $134,500 on account. The cost of the units sold is $117,000.
January 31		Pay the first monthly installment of $2,107 related to the $109,000 borrowed on January 1. Round your interest calculation to the nearest dollar.

6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)