Question: These Income Statement columns from a 10-column work sheet are for Brown's Bike Rental Company. Account TitleDebitCreditRent earned127,000Salaries expense56,388Insurance expense8,001Office supplies expense18,669Bike repair expense3,937Depreciation expenseBikes24,257

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

Account TitleDebitCreditRent earned127,000Salaries expense56,388Insurance expense8,001Office supplies expense18,669Bike repair expense3,937Depreciation expenseBikes24,257

(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.

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