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Closing Entries with Net Income Assume that the entry closing total revenues of $221,200 and total expenses of $165,100 has been made for the year ending December 31. At the end of the year, Teresa Schafer, Capital has a credit balance of 5256,000 and Teresa Schafer, Drawing has a balance of 521,500. a. Journalize the entry required to close the Teresa Schafer, Drawing account. Y an amount box does not requirements, wave bank b. Determine the amount of Teresa Schafer, Capital at the end of the period. Net