Port Austin Boat Repair Inc. has entered and posted its adjusting entries for 2019. The following are selected account balances after adjustment:

Required:
1. Using the accounts and balances above, prepare the closing entries for 2019.
2. Prepare an income statement for Port Austin Boat Repair?

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Sales Revenue Interest Income Accounts Payable Wages Expense Accounts Receivable, 12/31/2019 Insurance Expense Wages Payable Utilities Expense Interest Expense Depreciation Expense (Equipment) Accumulated Depreciation (Equipment) Income Taxes Expense Income Taxes Payable $692,500 7,600 $94,300 11,700 12,300 8,330 405,300 65,000 68,350 179,000 7,200 28,800 12,200 20,000 75,000 12,300 8,300 7,800 Supplies, 12/31/2019 Prepaid Rent Rent Expense Unearned Sales Revenue Dividends