Shown below is a trial balance for Novelty Toys, Inc., on December 31, after adjusting entries:

Novelty Toys, Inc. Trial Balance December 31, 20__
Cash	$ 7,300
Accounts receivable	6,150
Office equipment	10,350
Accumulated Depreciation		$ 2,550
Accounts payable		3,650
Capital Stock		10,800
Retained earnings		0
Dividends	3,300
Fees earned		20,500
Salaries expense	7,100
Advertising expense	1,400
Depreciation expense	1,900
	$ 37,500	$ 37,500

Refer to the information above. Net income for the period equals:

	$6,800.
	$10,100.
	$20,500.
	$10,400

Refer to the information above. After closing the accounts, Retained earnings at December 31 equals:

	$10,100.
	$6,800.
	Zero.
	$20,500.

Refer to the information above. The total debits in the After-Closing Trial Balance will equal:

	$23,800.
	$37,500.
	$27,100.
	$17,000.

Refer to the information above. Income Summary will have what balance before it is closed?

	Zero.
	$6,800.
	$10,400.
	$10,100.