RAMCO had revenue of $250,000, total expenses of $200,000, and it paid dividends of $20,000. Based on this information, which of the following is a possible closing journal entry?

Group of answer choices:

Debit income summary $50,000 and credit retained earnings $50,000.

Debit income summary $50,000 and credit retained earnings $30,000.

Credit income summary $50,000 and debit retained earnings $30,000.

Credit income summary $50,000 and debit retained earnings $50,000.

Credit income summary $20,000 and debit dividends $20,000.