From the following items in the Income Statement columns of the work sheet of ElKay Corporation,prepare the closing entries at December 31,assuming that a $75 dividend was paid during the period (omit explanations).
Definitions:
Hell-Volhard-Zelinsky
A chemical reaction that halogenates carboxylic acids at the alpha carbon with a bromine or chlorine in the presence of phosphorus.
Organic Product
A compound or material derived from living organisms, or synthetically produced to mimic such substances.
Major Organic
Typically refers to the primary or most significant organic compound or reaction product in a given chemical process.
Fischer Esterification
A chemical reaction between an alcohol and carboxylic acid in the presence of an acid catalyst to produce an ester and water.
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