The adjusted trial balance for China Tea Company at December 31, 2024, is presented below: Debit Credit Cash $ 11,900 Accounts receivable 164,000 Prepaid rent 6,400 Inventory 39,000 Equipment 440,000 Accumulated depreciation $ 139,000 Accounts payable 44,000 Notes payable (due in three months) 44,000 Salaries payable 5,400 Interest payable 17,400 Common stock 270,000 Retained earnings 80,800 Dividends 15,000 Sales revenue 540,000 Costs of goods sold 250,000 Salaries expense 134,000 Rent expense 29,000 Depreciation expense 44,000 Interest expense 3,400 Advertising expense 3,900 Totals $ 1,140,600 $ 1,140,600 Required: Prepare the closing entries for China Tea Company for the year ended December 31, 2024