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Prepare the necessary closing entries at december

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Reference no: EM131814327

Question - Presented below is income statement information of the Nebraska Corporation for the year ended December 31, 2009.

Sales revenue 620000

Salaries expense 90000

Dividend revenue 3000

Miscellaneous expense 12000

Loss on sale of investments 8000

Cost of goods sold 355000

Insurance expense 20000

Depreciation expense 18000

Income tax expense 35000

Rent expense 10000

Required: Prepare the necessary closing entries at December 31, 2009.

Reference no: EM131814327

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