The Collins Corporation shows the following inventory, dividends, revenue, and expense account balances before closing:

Required
Prepare closingentries.

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Debit Credit Debi Credit $300 Dividends distributed 250 Sales revenue Sales returns Cost of goods sold 1,350 Gain on sale of land Utilities expense Income tax expense $2,400 Salaries expense $300 130 Miscellaneous expenses 120 180 200 ali