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 255,700 Credit 293,100 37,400 293,100 293,100 Balance Sheet and Statement of Changes in Equity Debit 349,900 349,900 Credit 312,500 37,400 349,900 *The adjusted balances in withdrawals and capital were $17,600 and $55,000, spectively. (b) Balance Sheet and Statement of Income Statement Changes in Equity Debit Credit Debit Credit 528,000 472,000 937,000 993,000 56,000 56,000 528,000 528,000 993,000 993,000 *The adjusted balances in withdrawals and capital were $0 and $106,000, respectively. Required: Do the following for each business Prev 9 of 10 Next me adjustu paialilts III WILLIAMAs a Capital wit a DIU,UUU, TESPecively. Required: Do the following for each business: 1. Identify the profit or loss for the year ended March 31, 2020. (a) (b) 2. Prepare the entry to close the Income Summary account to capital. Check my worl View transaction list Journal entry worksheet < 1 2 Record to close the income summary account to capital. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit < Prev 9 of 10 Next > 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