Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31 Debit Credit Cash 1,500 Accounts Receivable 2,000 100 Interest Receivable Prepaid Insurance 1,600 2,800 Notes Receivable (long-term) Equipment Accumulated Depreciation 15,000 3,000 2.400 3,920 Accounts Payable Accrued Expenses Payable Income Taxes Payable Uncamned Rent Fees Common Stock Retained Earnings 2,700 500 2 5.000 2,700 Dividends 2,000 Rent Fees Earned Furniture Rental Revenue 37.000 1,200 Interest Revenue 100 Wages Expense 19.000 1.800 320 Depreciation Expense Utilities Expense Insurance Expense Maintenance Expense Income Tax Expense 200 9,000 2.700 58 320 58,520 Prepare the closing entry required to transfer the income or loss at the end of the period