25. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) After the revenue and expense accounts have been closed, the balance in Income Summary will be A) a credit balance of $7,500. B) $0. C) a credit balance of $70,000. D) a debit balance of $7,500