The income statement for Quality Plumbing, Inc., for the year ended December 31, 2003, is as follows: 

Dividends of $23,200 were paid on December 30, 2003. Required: 1. Give the entry required on December 31, 2003, to properly close the income statement accounts. 2. Give the entry required to close the dividends account at December 31, 2003.

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Sales revenue Less expenses: Cost of goods sold Wages expense. Utilities expense Insurance expense Property tax expense Rent expense.. Advertising expense Interest expense Total expenses. Net income Quality Plumbing, Inc. Income Statement For the Year Ended December 31, 2003 $447,000 98,350 1,720 2,790 2,110 26,000 9,830 4,300 $623,400 592,100 $ 31,300