The following information is available for Brendon Company before closing the accounts. What will be the amount in the Income Summary account that should be closed to Retained earnings? Retained earnings$129,000?Dividends 41,000?Fees earned 215,000?Depreciation Expense-Equipment 13,975?Wages expense 81,700?Interest expense 3900?Insurance expense 13,500?Rent expense 27,950?
A. $45,000.
B. $73,975.
C. $32,975.
D. $88,000.
E. $46,950.
Answer: B
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