Sage Hill Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable $24,000 Interest expense $4,400 Cash dividends-common 65,000 Notes payable 110,000 Common shares Cost of goods sold 192,000 Retained earnings (Aug. 1, 2020) 359,900 304,000 Salaries expense 142,000 14.000 Sales 660,000 Dividends payable Income tax expense 10,500 28,500 Supplies expense 3,500 Unearned revenue Income tax payable 10,500 All accounts have normal balances and total assets equal $819,500. Sage Hill has a 20% income tax rate. Prepare closing entries. (Credit account titles are autor