E3-16B (Closing Entries for a Corporation)

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.