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Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To dose accounts with credit balances) (To dose accounts with debit balances) Arndt Company provides the following information for the month ended October 31, 2020; sales on credit $280,000, cash sales $100,000, sales discounts $5,000, and sales returns and allowances $11,000. Prepare the sales section of the income statement based on this information. Arndt Company Income Statement (Partial) SHOW LIST OF ACCOUNTS LINK TO TEXT