The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows:

No.Account Debit Credit 101Cash$15,300 104Short-term investments 20,300 126Supplies 6,900 149Notes receivable 38,500 167Equipment 71,000 168Accumulated depreciation, equipment $34,500 173Building 253,000 174Accumulated depreciation, building 137,500 183Land 82,500 193Franchise 27,500 201Accounts payable 16,300 203Interest payable 120 233Unearned professional revenue 26,300 251Long-term notes payable 125,000 301Amar Lloyd, capital 85,640 302Amar Lloyd, withdrawals 2,300 401Professional revenue 199,480 406Rent revenue 22,500 606Depreciation expense, building 19,300 612Depreciation expense, equipment 7,300 623Wages expense 63,300 633Interest expense 540 637Insurance expense 17,300 652Supplies expense 12,100 688Telephone expense 3,700 690Utilities expense 6,500 Totals$647,340 $647,340

An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the long-term notes payable during 2024. The notes receivable are due May 1, 2025. Also, Amar Lloyd invested $68,000 cash early in 2023. Required: 1. Prepare the closing entries made at the end of the year.