The 2016 income statement of The Coca-Cola Company is as follows.

THE COCA-COLA COMPANY

Income Statement

For the Year Ended December 31, 2016

(in millions)

Net revenues	$41,863
Cost of goods sold	16,465
GROSS PROFIT	25,398
Selling, general and administrative	15,262
Other operating charges	1,510
OPERATING INCOME	8,626
Interest expense, net	91
Other nonoperating expenses	399
INCOME BEFORE INCOME TAXES	8,136
Income taxes	1,586
CONSOLIDATED NET INCOME	$ 6,550

Required: Prepare the closing entries for 2016 for the income statement temporary accounts.