Based on the following data, calculate the net income for the period and the balance in the account for Nuno Texeira, Capital after the closing entry has been posted. 

Cash …………………………………………….      $ 12,000 

Accounts receivable……………………………         15,000 

Prepaid rent ………………………………………    1,000 

Ironworking equipment……………………………   30,000 

Accumulated depreciation, equipment ……………  9,000 

Accounts payable………………………………         5,000 

Notes payable to bank ……………………………   10,000 

Nuno Texeira, Capital ……………………………    25,000 

Service revenue …………………………………      30,000 

Depreciation expense, equipment ……………..        3,000 

Rent expense ………………………………………  6,000 

Salary expense …………………………………….  14,000