Presented below are selected account balances for Wildhorse Co. as of December 31, 2020. Inventory 1

Presented below are selected account balances for Wildhorse Co. as of December 31, 2020. Inventory 1

Presented below are selected account balances for Wildhorse Co. as of December 31, 2020. Inventory 12/31/20 $58,920 Cost of Goods Sold $224,039 Common Stock 74,150 Selling Expenses 16,031 Retained Earnings 45,400 Administrative Expenses 37,726 Dividends 17,830 Income Tax Expense 29,720 Sales Returns and Allowances 12,068 Sales Discounts 15,010 Sales Revenue 417,740 Prepare closing entries for Wildhorse Co. on December 31, 2020.

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