Selected accounts for Sage Hill Inc. a private company following ASPE, as at December 31, 2020, are as follows:

Inventory		$57,300		Sales Returns and Allowances		$2,230
FV-NI Investments		23,900		Cost of Goods Sold		216,000
Retained Earnings		45,800		Administrative Expenses		30,850
Dividends		18,300		Income Tax Expense		30,600
Sales Revenue		390,400		Investment Income		2,920
Sales Discounts		5,150

Prepare closing entries for Sage Hill Inc. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to close revenue accounts	enter a debit amount	enter a credit amount
enter an account title to close revenue accounts	enter a debit amount	enter a credit amount
enter an account title to close revenue accounts	enter a debit amount	enter a credit amount
(To close revenue accounts)
enter an account title to close expense accounts	enter a debit amount	enter a credit amount
enter an account title to close expense accounts	enter a debit amount	enter a credit amount
enter an account title to close expense accounts	enter a debit amount	enter a credit amount
enter an account title to close expense accounts	enter a debit amount	enter a credit amount
enter an account title to close expense accounts	enter a debit amount	enter a credit amount
enter an account title to close expense accounts	enter a debit amount	enter a credit amount
(To close expense accounts)
enter an account title to close income summary	enter a debit amount	enter a credit amount
enter an account title to close income summary	enter a debit amount	enter a credit amount
(To close income summary)
enter an account title to close dividends	enter a debit amount	enter a credit amount
enter an account title to close dividends	enter a debit amount	enter a credit amount
(To close dividends)