The adjusted trial balance of J. W. Hatch Company at December 31, 2020 appears below. 
Instructions:
Using the information given, prepare the year-end closing entries.
Definitions:
Good Standing
A status indicating that an entity or individual is up-to-date with the fulfillment of legal, financial, or administrative obligations.
Annual Dividend
An annual dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits on a yearly basis.
De Jure Corporation
A corporation that has fully complied with all statutory requirements for incorporation and is legally recognized.
Conditions Precedent
Specific conditions outlined in a contract that must be met before the contract becomes legally binding or before a party is obligated to perform their part of the agreement.
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