The trial balance of Revere Finest Foods on December 31 shows Merchandise Inventory $25,000; Sales $162,400; Sales Returns and Allowances $4,800; Sales Discounts $3,600; Cost of Goods Sold $110,000; Rental Revenue $6,000; Freight-out $1,800; Rent Expense $8,800; and Salaries and Wages Expense $22,000. Prepare the closing entries for the above accounts.