Shown below is the adjusted Trial Balance for Simon Inc., on December 31, after the first year of operations, after adjusting entries:

Simon, Inc.Adjusted Trial BalanceDecember 31Cash$1,600Accounts Receivable4,000Office Equipment16,800Accumulated Depreciation$1,600Capital Stock2,400Retained Earnings2,720Dividends960Service Fees Earned21,920Wages Expense3,200Supplies Expense1,120Depreciation Expense960$28,640$28,640

The entry to close Depreciation Expense account will:

Select one:

a. Transfer the balance of Depreciation Expense directly to Retained Earnings.

b. Include a debit to Income Summary.

c. Include a debit to Depreciation Expense.

d. Include a credit to Capital Stock.