Presented below are selected account balances for Alistair Co. as of December 31, 2010.

Merchandise Inventory 12 ⁄31 ⁄10 $60,000 Cost of Goods Sold $235,700
Common Stock 75,000 Selling Expenses 16,000
Retained Earnings 45,000 Administrative Expenses 38,000
Dividends 18,000 Income Tax Expense 30,000
Sales Returns and Allowances 12,000
Sales Discounts 15,000
Sales 390,000

Prepare closing entries for Alistair Co. on December 31, 2010

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