Exercise $4-6($Static$)$ Completing the income statement columns and preparing closing entries LO P$1,$ P$2$

Following are Income Statement columns from a $10-$column work sheet for Brown's Bike Rental Company.

Account Title Debit Credit

Rental revenue $120,000$

Salaries expense $46,300$

Insurance expense $7,400$

Supplies expense $16,000$

Bike repair expense $4,200$

Depreciation expense$$Bikes $20,500$

$(1)$ Determine the amount that should be entered on the net income line of the work sheet.

$(2)$ Prepare the company's closing entries. The owner, H$.$ Brown, did not make any withdrawals this period.