The following is the adjusted trial balance as of December 31,2015 of Martin Watch Company:

Accounts Debit Credit

Cash $18,000

Accounts Receivable $30,000

Prepaid Insurance $9,000

Office Supplies $3,200

Building 165,000

Accumulated Depreciation-Building Equipment $12,000

Equipment 88,000

Accumulated Depreciation-Equipment 8,500

Land 45,000

Accounts Payable 12,000

Salaries Payable 2,000

Unearned Service revenue 25,000

Mortage Payable 100,000

Martin,Capital 21,290

Martin,Withdrawls 25,480

Service revenue 325,000

Salaries expense 63,000

Depriciation Expense-Building and Equipment 6,250

Supplies Expense 15,000

Insurance Expense 14,500

Utilities Expense 23,000

Total $505,790 $505,790

1)Provide the closing entries for Martin Watch Company.