Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Debit Credit Cash 30 Accounts receivable 27 Prepaid insurance 22 Machinery 89 Accumulated depreciation Accounts payable 23 Wages payable Income taxes payable Common stock (5,000 shares) 5 Additional paid-in capital 69 Retained earnings 21 Revenues (not detailed) 129 Expenses (not detailed) 37 Totals 226 226 Other data not yet recorded at December 31 include Insurance expired during the current year, $13. Wages payable, $16. Depreciation expense for the current year, $18. Income tax expense, $6. Required: 2. Using the adjusted balances, give the closing entry for the current year