Alpha has the following adjusted trial balance at the end of the year. On the basis of its annual physical count of inventory at year-end. Alpha determined that its ending inventory was $50,000.

Debit Credit

Cash $9,000 A/R $15,000 Inventory 36,000 Supplies 2,000 equipment 60,000 Acc. Depreciation 30,000 Income tax payable 4000 unearned sales revenue 1,000 common stock 56000 Dividends 3000 sales 130000 sales returns and allowances 6000 purchases 51000 purchase discounts 3000 Rent expense 24000 Salaries expense 45000 depreciation exp 6000 Income tax expense 3000 total 260000 260000 To credit income summary account in the first closing entry would be: