Prepare the necessary closing entries for the following selected accounts from the records of O'Leary Transportation Inc. at December $31,2016.$

Cost of services sold $$11,600$

Accumulated depreciation $17,800$

Selling, general, and administrative expense $6,900$

Retained earnings, December $31,20151,900$

Service revenue $23,600$

Depreciation expense $4,100$

Other revenue $600$

Income tax expense $400$

Dividends $400$

Income tax payable $300$

How much net income did O'Leary Transportation Inc. earn during the year ended December $31,2016?$ Prepare a T$-$account for Retained Earnings to exhibit the December $31,2016$

balance of Retained Earnings.