The income statement for the year 2008 of Nova Co. contains the following information: Revenues = $70,000 Expenses: Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses = 73,500 Net income (loss)= $(3,500) After the revenue and expense accounts have been closed, the balance in the Income Summary will be a. $0 b. a debit balance of $3,500 c. a credit balance of $3,500 d. a credit balance of $70,00