PREPARATION OF CLOSING ENTRIES AND AN INCOME STATEMENT Port Austin Boat Repair Inc. has entered and posted its adjusting entries for 2009. The following are the adjusted account balances:

Sales Revenue $578,500 Interest Revenue 8,100 Accounts Payable 8,330 Wages Expense 405,300 Accounts Receivable, 12/31/2009 65,000 Supplies Expense 65,000 Supplies, 12/31/2009 179,000 Prepaid Rent 7,200 Rent Expense 28,800 Unearned Revenue 12,200 Insurance Expense 94,300 Wages Payable 11,700 Utilities Expense 14,000 Interest Expense 9,500 Depreciation Expense, Equipment 20,000 Accumulated Depreciation, Equipment 75,000 Income Tax Expense 12,300 Income Tax Payable 8,300 Dividends 7,800 Required:

. Using the accounts and balances above, prepare the closing entries for 2009.

. Prepare an income statement for Port Austin Boat Repair Inc.