A company has net sales of $892,000 and cost of goods sold of $591,500. Its net income is $106,700. The company's gross margin and operating expenses, respectively, are: Debit Income Summary $8,500; credit Retained Earnings $8,500. Debit Income Summary $50,000; credit Revenues $50,000. Debit Revenues $50,000; credit Income Summary $50,000. Debit Income Summary $41,500, credit Expenses $41,500. Debit Retained Earnings $5,500, credit Dividends $5,500