On December 31, the Income Summary account of Escobedo Company has a debit balance of $27,000 after revenue of $29,000 and expenses of $56,000 were closed to the account. Rosa Escobedo, Drawing has a debit balance of $3,000 and Rosa Escobedo, Capital has a credit balance of $48,000. Record the journal entries necessary to complete closing the accounts. What is the new balance of Rosa Escobedo, Capital?
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