E5-12 Closing entries un perpetual inventor Net income, 593,700 Credit STAR CITY RESEARCH Adjusted Trial Balance December 31, 2020 Debit $ 17,000 29,700 62,100 12,200 70,000 Account Title Cash Accounts receivable Inventory Supplies Store fixtures Accumulated amortization Accounts payable Salary payable Note payable, long-term B. Wells, capital B. Wells, withdrawals Sales revenue Sales discounts Cost of goods sold Selling expenses General expenses Interest expense Total $ 42,000 31,200 3,800 12,500 41,800 34,000 433,600 4,300 245,800 51,800 36,900 1,100 $564,900 $564,900 Required Journalize Star City Research's closing entries at December 31, 2020. How much was the net income or net loss? .......estatomont of Star City Research