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Following are Income Statement columns from a 10-column work sheet for Brown's Bike Rental Company. Account Title Rental revenue Salaries expense Insurance expense Debit

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Following are Income Statement columns from a 10-column work sheet for Brown's Bike Rental Company. Account Title Rental revenue Salaries expense Insurance expense Debit 59,940 8,505 Credit 135,000 Supplies expense. Bike repair expense Depreciation expense-Bikes 19,845 4,185 25,785 (1) Determine the amount that should be entered on the net income line of the work sheet. (2) Prepare the company's closing entries. The owner, H. Brown, did not make any withdrawals this period.

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