Nu2U, Inc. Adjusted Trial Balance At June 30, 2021 (in thousands) Account Titles Debit Credit Cash $ 102 Accounts receivable 40 Supplies 23 Prepaid insurance 15 Land 288 Buildings and equipment 450 Accumulated depreciation 63 Trademark 65 Trademark 65 Accounts payable 35 Accrued liabilities 15 Unearned revenue 66 Long-term mortgage note payable 125 Common stock 350 Retained earnings, 07/01/20 324 Dividends 45 Commission revenue 475 Wages expenses 160 Supplies expenses 27 nt Depreciation expense 97 General and administrative expenses 102 General and administrative expenses 102 Interest expense 32 Income tax expense 7 Totals $1,453 $1,453 Required: Use the above adjusted trial balance for Nu2U to complete the following Be sure to show your calculations. Answers without supporting calculations will receive 0 points. 1. Compute the net income for the fiscal year. (7 points) 2. Prepare the journal entry to close the income summary account at the end of the fiscal year. (5 points) (You can copy and paste the journal entry table below into your answer and fill in the table.) 1. Compute the net income for the fiscal year. (7 points) 2. Prepare the journal entry to close the income summary account at the end of the fiscal year. (5 points) (You can copy and paste the journal entry table below into your answer and fill in the table.) Date Accounts Debit Credit 3. Compute the ending retained earnings balance as of June 30, 2021. (3 points) Edit View Insert Format Tools Table 12pt Paragraph I UAyev