Requirement 1. Prepare closing entries to transfer all temporary accounts to an income Summary account, and then close the income Summary account to Stockholders' Equity Note that Stockholders' Equity includes both paid in capital and retained earnings, there is no way to separate the two with the information given Prepare the closing entries to transfer all temporary accounts to an Income Summary account Start by closing revenues Data Table Accounts Debit Credit Brennan Company Trial Balance December 31, 20X0 Total assets Total liabilities Stockholders equity Sales revenue Cost of goods sold Other expenses $ 54,000 $ 36.000 15.000 01.000 60.000 20,000 $ 142,000 $142.000 Totals