E3-16B (Closing Entries for a Corporation) Presented below are selected account balances for Kirby Co.as of December 31 2014Merchandise Inventory 12 31 14 $24000 Sales $164000Common Stock 30000 Cost of Goods Sold 90280Retained Earnings 18000 Selling Expenses 6400Dividends 7200 Administrative Expenses 15200Sales Returns and Allowances 4800 Income Tax Expense 12000Sales Discounts 6000InstructionsPrepare closing entries for Kirby Co. on December 31 2014.