The income statement for the year 2014 of Fugazi Co. contains the following information: Revenues $70,000 Expenses: Salaries and Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 10,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 77.500 Net income (loss) $17.500) After the revenue and expense accounts have been closed, the balance in Income Summary will be A. a credit balance of $7,500. B. $0. C. a credit balance of $70,000. D. a debit balance of $7,500