On December 31, the Income Summary account of Davison Company has a debit balance of $37,000 after

Question:

On December 31, the Income Summary account of Davison Company has a debit balance of $37,000 after revenue of $39,000 and expenses of $76,000 were closed to the account. Michelle Davison, Drawing has a debit balance of $4,000 and Michelle Davison, Capital has a credit balance of $58,000. Record the journal entries necessary to complete closing the accounts. What is the new balance of Michelle Davison, Capital?