The company has these balances in the income statement accounts at the end of year 6:

Sales Revenue	$520,000 credit balance
Cost of Goods Sold Expense	$350,000 debit balance
Salaries Expense	$80,000 debit balance
Loss on Sale of PPE	$2,000 debit balance
Income Tax Expense	$18,000 debit balance

Please prepare the closing journal entry necessary.