5. Presented below is income statement information of the Schefter Corporation for the year ended...
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5. Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013. Sales revenue K492,000 Cost of goods sold K284,000 Salaries expense 80,000 Insurance expense 12,000 Interest revenue 6,000 Interest expense 4,000 Advertising expense 10,000 Income tax expense 30,000 Gain on sale of investments 8.000 Depreciation expense 20,000 Required: Prepare the necessary closing entries at December 31, 2013
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