The year-end adjusted trial balance of the Tool and Die Corporation included the following account balances: retained earnings, $270,000; dividends, $32,000; sales revenue, $890,000; cost of goods sold, $590,000; salaries expense, $160,000; rent expense, $50,000; and interest expense, $25,000.

Prepare the necessary closing entries.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

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