The Income Statement for Omega, Inc. had the following balances at 12/31/X1 The 20X1 entry for closing out the income summary account would be: a. Income Summary $552, 500 Cash $552, 500 b. Income Summary $552, 500 Retained Earnings $552, 500 c. Cash $552, 500 Income Summary $552, 500 d. Retained Earnings $552, 500 Income Summary $552, 500