E3-16B (Closing Entries for a Corporation) Presented below are selected account balances for Kirby Co.

E3-16B (Closing Entries for a Corporation) Presented below are selected account balances for Kirby Co. as of December 31, 2014 

Merchandise Inventory 12 ⁄ 31 ⁄ 14       $24,000     Sales                                  $164,000

Common Stock                                       30,000     Cost of Goods Sold                 90,280

Retained Earnings                                   18,000      Selling Expenses                      6,400

Dividends                                                  7,200      Administrative Expenses       15,200

Sales Returns and Allowances                    4,800      Income Tax Expense             12,000

Sales Discounts                                         6,000

Instructions

Prepare closing entries for Kirby Co. on December 31, 2014.