The following information is available for Potts Company: 
Instructions
Using the above information, prepare the closing entries for Potts Company.
Definitions:
Public Pronouncement
An official statement or announcement made to the general public.
Opening Stance
Refers to the initial position or perspective one adopts before entering into a discussion, negotiation, or debate.
First Price
A type of auction format in which bids are submitted simultaneously, and the highest bidder pays their bid price to receive the item.
Chicken Tactic
A negotiation strategy where one party adopts a dangerous or risky position in the hope that the opposing party will yield or concede first.
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