Presented below are selected account balances for Sage Co. as of December 31, 2017.

Inventory 12/31/17 $61,060

Cost of Goods Sold $223,482

Common Stock 73,650

Selling Expenses 15,959

Retained Earnings 45,870

Administrative Expenses 38,595

Dividends 17,785

Income Tax Expense 30,520

Sales Returns and Allowances 12,014

Sales Discounts 14,740

Sales Revenue 405,510

What are closing entries for Sage Co. on December 31, 2017.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No entry” for the account titles and enter 0 for the amounts.)

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