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ioannisthomas ioannisthomas
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5 years ago
Nantucket Corporation has the following income statement for the year ended December 31.

Sales $750,000 Rent Expense$105,000
Salaries Expense425,000 Utilities Expense11,000
Dividend Revenue4,500 Depreciation Expense16,500
Interest Expense9,500 Income Tax Expense38,000
Gain on Sale of Equipment6,000 Insurance Expense23,000

Required: Prepare the necessary closing entries for December 31.
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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karissamkarissam
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5 years ago
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ioannisthomas Author
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#2
5 years ago
Good timing, thanks!
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