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[The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts.

Account	Balance
Cash	$34,100
Accounts receivable	22,300
Accounts payable	11,300
Common stock	32,600
Retained earnings	12,500

The following events apply to Oak Consulting for Year 2:

Provided $72,700 of services on account.

Incurred $3,000 of operating expenses on account.

Collected $49,700 of accounts receivable.

Paid $36,700 cash for salaries expense.

Paid $12,870 cash as a partial payment on accounts payable.

Paid a $9,300 cash dividend to the stockholders.

d-1. Record the closing entries in the general journal (and post them to the T-accounts). d-2. What is the amount of net income for the year?