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Dowdy Hospital provides you with the following information: Income for 20X2 - $500,000 Expenses for 20X2 - 450,000 Net assets of the hospital, December 31,

Dowdy Hospital provides you with the following information:

Income for 20X2 - $500,000
Expenses for 20X2 - 450,000
Net assets of the hospital, December 31, 20X1 - 860,000
Summary of income and expenses - -0-

Prepare closing entries for 20X2 in general journal form.

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