From the information in Exercise, journalize the closing entries for Ranell Manufacturing Company.
InExercise,

MANUFACTURE DEBIT INCOME STATEMENT DEBIT ACCOUNT NAME Net Sales Raw Materials Purchases (net Direct Labor Indirect Labor Heat Light, and Powsr Miscellaneous Factory Costs Selling Expenses General Expenses Income Tax Expense Manufacturing Sunmary CREDIT CREDIT 360,000.00 64,000.00 160,000.00 3200.00 1,600.00 800.00 34,000.00 14,000.00 22,480.00 8,000.00 38,400.00 1200000 40,000.00 Income Summary Cost of Goods Manufactured Net Income 3200000 30,000.00 224,000.00 69.520.00 276,000.00 52,000.00 224,000.00 276,000.00 270,000.00 278,000.0032648000 38,000.00 396,000.00 306,000.00