Port Austin Boat Repair Inc. has entered and posted its adjusting entries for 2011. The following are selected account balances after adjustment:

Required:
1. Using the accounts and balances above, prepare the closing entries for 2011.
2. Prepare an income statement for Port Austin Boat Repair.

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Sales Revenue Interest Revenue Accounts Payable Wages Expense Accounts Receivable, 12/31/20 Supplies Expense Supplies, 12/31/2011 Prepaid Rent Rent Expense Unearned Sales Revenue $94,300 11,700 12,300 9,500 20,000 68,350 Accumulated Depreciation (Equipment) 75,000 12,300 8,300 7,800 $692,500 Insurance Expense 7,600 Wages Payable 8,330 Uilities Expense 405,300 Interest Expense 65,000 Depreciation Expense (Equipment) 179,000 7,200 Income Taxes Expense Income Taxes Payable 28,800 Dividends 7 12,200