Presented below is income statement and dividend information of the nebraska corporation for the year ended december 31, 2021. sales revenue $ 620,000 cost of goods sold $ 355,000 salaries expense 90,000 insurance expense 20,000 dividend revenue 3,000 depreciation expense 18,000 miscellaneous expense 12,000 administrative expense 35,000 loss on sale of investments 8,000 rent expense 10,000 dividends 5,000 required: prepare the necessary closing entries at december 31, 2021.

Prepare the operating activities section—indirect method.(lo 4), apthe income statement of paxson company is presented here.paxson companyincome statementfor the year ended november 30, 2014sales revenue $7,600,000cost of goods sold beginning inventory$1,900,000 purchases4,400,000goods available for sale6,300,000 ending inventory1,600,000total cost of goods sold 4,700,000gross profit 2,900,000operating expenses selling expenses450,000 administrative expenses700,0001,150,000net income $1,750,000additional information: prepare the operating activities section—indirect 1. accounts receivable decreased $380,000 during the year, and inventory decreased $300,000.2. prepaid expenses increased $150,000 during the year.3. accounts payable to suppliers of merchandise decreased $350,000 during the year.4. accrued expenses payable decreased $100,000 during the year.5. administrative expenses include depreciation expense of $110,000.instructionsprepare the operating activities section of the statement of cash flows for the year ended november 30, 2014, for paxson company, using the indirect method.net cash provided $1,940,000