Below are excerpts from the work sheets of two businesses as at March 31, 2020. Those rows that calculate totals are at the bottom of the last two sets of columns (a) Income Statement Debit Credit 263,700 300,500 36,800 300,500 300,500 Balance Sheet and Statement of Changes in Equity Debit Credit 357, 300 320,500 36,800 357, 300 357,300 *The adjusted balances in withdrawals and capital were $17,000 and $63,000, respectively. (b) Income Statement Debit Credit 540,000 480,000 60,000 540,000 540,000 Balance Sheet and Statement of Changes in Equity Debit Credit 945,000 1,005,000 60,800 1,005,880 1,005,800 *The adjusted balances in withdrawals and capital were $0 and $114,000, respectively, Required: Do the following for each business: 1. Identify the profit or loss for the year ended March 31, 2020. (a) Profit (b) Loss 2. Prepare the entry to close the Income Summary account to capital. View transaction list Journal entry worksheet 2 > Record to close the income summary account to capital. os Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general Journal 3. Calculate the post-closing balance in capital at March 31, 2020. (a) Balance in capital (b) Balance in capital