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 |