The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows:

No.	Account		Debit			Credit
101	Cash	$	17,000
104	Short-term investments		22,000
126	Supplies		8,600
149	Notes receivable		47,000
167	Equipment		88,000
168	Accumulated depreciation, equipment				$	43,000
173	Building		270,000
174	Accumulated depreciation, building					146,000
183	Land		91,000
193	Franchise		36,000
201	Accounts payable					18,000
203	Interest payable					140
233	Unearned professional revenue					28,000
251	Long-term notes payable					142,000
301	Amar Lloyd, capital					101,090
302	Amar Lloyd, withdrawals		4,000
401	Professional revenue					216,480
406	Rent revenue					31,000
606	Depreciation expense, building		21,000
612	Depreciation expense, equipment		9,000
623	Wages expense		65,000
633	Interest expense		710
637	Insurance expense		19,000
652	Supplies expense		13,800
688	Telephone expense		5,400
690	Utilities expense		8,200
	Totals	$	725,710		$	725,710

An analysis of other information reveals that Lloyd Construction is required to make a $55,000 payment on the long-term notes payable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $85,000 cash early in 2020. Required: Prepare the closing entries made at the end of the year.