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These partially completed Income Statement columns from a 10-column work sheet are for Browns Bike Rental Company.
| Account Title | Debit | | Credit | |
| Rent earned | | | 138,000 | |
| Salaries expense | 61,272 | | | |
| Insurance expense | 8,694 | | | |
| Office supplies expense | 20,286 | | | |
| Bike repair expense | 4,278 | | | |
| Depreciation expenseBikes | 26,358 | | | |
| |
(1) Use the information to 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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