After all revenue and expenses have been closed at the end of the P.O. 2 fiscal period ended December 31, Income Summary has a debit of $76,000 and a credit of $72,000. On the same date, O. C. Thomas, Drawing, has a debit balance of $12,400, and O. C. Thomas, Capital, has a credit balance of $94,000.

Record the journal entries necessary to close the accounts. What is the new bal¬
ance of O. C. Thomas, Capital?