A physical inventory taken at year end indicated that there was $125,000 on hand. The Estimated Returns Inventory is $8,200. Depreciation for the year is $24,500. On December 31, the close of the fiscal year, the balances of selected accounts appearing in the ledger of Broxton Gallery, an art retailer, are as follows: 
Prepare the December 31 closing entries for Broxton Gallery. 
Definitions:
501(c)(4)
A designation by the IRS for nonprofit organizations that are allowed to engage in some political activities, provided that these activities do not become their primary focus.
Political Campaign Activity
Activities designed to support or oppose political candidates or political parties, typically involving advertising, fundraising, and public engagement.
Social Change
The transformation of culture, behavior, social institutions, and social structure over time.
Life Cycle
The series of stages through which an entity (organization, product, etc.) goes, from its inception to its termination or dissolution.
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