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					Balance Sheet and Statement of Changes in Equity
	Debit		Credit			Debit		Credit
	262,700		299,400			356,200		319,500
	36,700							36,700
	299,400		299,400			356,200		356,200

*The adjusted balances in withdrawals and capital were $16,900 and $62,000, respectively.

(b)

Income Statement					Balance Sheet and Statement of Changes in Equity
	Debit		Credit			Debit		Credit
	538,500		479,000			944,000		1,003,500
			59,500			59,500
	538,500		538,500			1,003,500		1,003,500

*The adjusted balances in withdrawals and capital were $0 and $113,000, respectively.

Required: Do the following for each business: 1. Identify the profit or loss for the year ended March 31, 2020.

2. Prepare the entry to close the Income Summary account to capital.

3. Calculate the post-closing balance in capital at March 31, 2020.