Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000, expenses of $103,700. The company paid $18,000 cash in dividends to the owner (sole stockholder). The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is?

debit Income Summary $81,300; credit Retained Earnings $81,300.

debit Income Summary $63,300; credit Retained Earnings $63,300.

debit Retained Earnings $81,300; credit Income Summary $81,300.

debit Retained Earnings $63,300; credit Income Summary $63,300.

debit Retained Earnings $297,000; credit Income Summary $297,000.