The adjusted trial balance for Waldo & Sons at December 31, 2021, is presented below: Cash Accounts receivable Prepaid rent Debit 11,800 Credit 163,000 6,300 Inventory 38,000 Equipment 430,000 Accumulated depreciation-equipment 138,000 Accounts payable 43,000 Notes payable-due in three months 43,000 Salaries payable 5,300 Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Required: 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700 Prepare the closing entries for Waldo & Sons for the year ended December 31, 2021