The Income Summary Account, for Edgar's Cigars appears below. Based on the Data contained in the account, determine which of the statements below is...

The Income Summary Account, for Edgar's Cigars appears below. Based on the Data contained in the account, determine which of the statements below is correct:

Edgar's Cigars will report net income of 11,000 for the period ending 12/31

Edgar's cigars will report net income of 7,000 for the period ending 12/31

Edgar's cigars will report an 11,000 net loss for the period ending 12/31

Edgar's Cigar will report a 7,000 net loss for the period ending 12/31