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

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