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Question(s) / Instruction(s):

A company had revenue of $270,000, rent expense of $12,000, utility expense of $5,500, salary expense of $20,500, depreciation expense of $11,000, advertising expense of $6,500, dividends in the amount of $20,000, and a beginning balance in retained earnings of $19,900. What is the amount in the income summary account before it is closed for the period?

a)      $55,500

b)      $270,000

c)       $234,400

d)      $250,100

e)      $214,500

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