Question - Presented below is income statement information of the Nebraska Corporation for the year ended December 31, 2009.
Sales revenue 620000
Salaries expense 90000
Dividend revenue 3000
Miscellaneous expense 12000
Loss on sale of investments 8000
Cost of goods sold 355000
Insurance expense 20000
Depreciation expense 18000
Income tax expense 35000
Rent expense 10000
Required: Prepare the necessary closing entries at December 31, 2009.