(Closing Entries for a Corporation) Presented below are

(Closing Entries for a Corporation) Presented below are selected account balances for Homer Winslow Co. as of December 31 2014. Inventory 12/31/14 $ 60000 Cost of Goods Sold $225700 Common Stock 75000 Selling Expenses 16000 Retained Earnings 45000 Administrative Expenses 38000 Dividends 18000 Income Tax Expense 30000 Sales Returns and Allowances 12000 Sales Discounts 15000 Sales Revenue 410000 Instructions P r epa r e closing entries for Homer W inslow Co. on December 31 2014. (Omit explanations.)