Prepare the required closing entries for the following selected accounts from the records of SouthWest Transport Inc. at December 31, 2020 (amounts in thousands): Cost of services sold .................... $11,600 Service revenue ............................ $23,600 Accumulated depreciation........... 17,800 Depreciation expense ................... 4,100 Selling, general, and Other revenue .............................. 600 administrative expense ............ 6,900 Income tax expense...................... 400 Retained earnings, Dividends..................................... 400 December 31, 2019................. 1,900 Income tax payable....................... 300 How much net income did SouthWest Transport Inc. earn during the year ended December 31, 2020? SETUP A T-account for Retained Earnings to show the December 31, 2020, balance of Retained Earnings