please explain each option thnku High Step Shoes had annual revenues of $197,000, expenses of $109,700, anddividends of $22,800 during the current year. The retained earnings account beforeclosing had a balance of $309,000. The entry to close the Income Summary accountat the end of the year, after revenue and expense accounts have been closed, is:Multiple ChoiceDebit Income Summary $64,500; credit Retained Earnings$64,500Debit Retained Earnings $309,000; credit Income Summary$309,000Debit Income Summary $87,300; credit Retained Earnings$87,300Debit Retained Farninas $64.500: credit Income Summarv Debit Income Summary $64,500; credit Retained Earnings$64,500Debit Retained Earnings $309,000; credit Income Summary$309,000Debit Income Summary $87,300; credit Retained Earnings$87,300isDebit Retained Earnings $64,500; credit Income Summary$64,500Debit Retained Earnings $87,300; credit Income Summary$87,300

A journal entry is used to record a commercial transaction in the accounting records of a…

High Step Shoes had annual revenues of $197,000, expenses of $109,700, and dividends of $22,800 during the current year. The retained earnings account before closing had a balance of $309,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice