Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013.

Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013.

Sales revenue	$	492,000
Salaries expense		80,000
Interest revenue		6,000
Advertising expense		10,000
Gain on sale of investments		8,000
Cost of goods sold		284,000
Insurance expense		12,000
Interest expense		4,000
Income tax expense		30,000
Depreciation expense		20,000

Required:

Prepare the necessary closing entries at December 31, 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)   Explanation: Income summary ($506,000 – 440,000) = $66,000