The following trial balance was taken from the books of Frisk Corporation on December 31, 2020. Cash, Debit: $ 9,000 Accounts Receivable, Debit:50,000 Allowance for Doubtful Accounts, Credit:$ 1,800 Inventory, Debit: 38,800 Equipment, Debit: 100,000 Accumulated Depreciation--Equip., Credit:15,000 Accounts Payable, Credit: 10,800 Common Stock, Credit: 44,000 Dividends, Debit: 5,000 Retained Earnings, Credit: 55,000 Sales Revenue, Credit: 260,000 Cost of Goods Sold, Debit: 121,000 Salaries and Wages Expense, Debit: 50,000 Rent Expense, Debit: 12,800 Totals, Debit: $386,600, Credit: $386,600 Prepare the necessary closing entries.