The following accounts relate to Blue Corporation:

Cash 50,000

Accounts receivable 25,000

Building 99,000

Accumulated Depreciation 10,000

Intangible assets 45,000

Other Assets 10,000

Withdrawals 12,000

Capital 67,000

Sales Revenue 50,000

Depreciation Expense 4,000

Salaries and Wages Expense 18,000

REQUIRED:

Prepare the necessary closing entries based on the aforementioned information.