Martinville, Inc. earned revenues of

$ 16 comma 000

and incurred expenses of

$ 7 comma 500

.

The company declared and paid cash dividends of

$ 3 comma 500

.

What is the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings account?

A.

credit balance of $ 16 comma 000

B.

credit balance of $ 8 comma 500

C.

debit balance of $ 5 comma 000

D.

debit balance of $ 8 comma 500