The items that follow appeared in the Income statement columns of the work sheet prepared for a sole proprietorship at year-end, March 31, 2020. Also, the owner's withdrawals account was debited for $12,000 during the year. Travel Ltd. Income statement At March 31,2020 Revenue from services $ 97,400 Office salaries expense $ 28,100 Rent expense 13,800 Insurance expense 1,700 Office sully expense 800 Depreciation expense 4,800 Net income $ 48,200 Required Prepare the necessary closing entries at December 31