A company's December 31 work sheet appears below with summary amounts in the Income Statement and Balance Sheet columns.Prepare the four necessary closing entries. 
Definitions:
Gesellschaft
A term used by sociologist Ferdinand Tönnies to describe a society centered around impersonal relationships, self-interests, and associations.
Social Interaction
The process by which individuals act and react in relation to others, forming the basis of social relationships.
Emotional Ties
Bonds formed between individuals based on emotional connections, affection, or personal relationships.
Population
The total number of people inhabiting a specific area or the entire planet, essential for demographic studies.
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