The Income Summary account, for Wise Tools appears below. Based on the data contained in the account, determine which of the statements below is correct. Income Summary Debit Credit 12/31 beginning inventory 4,000 12/31 ending inventory 9,000 12/31 expenses 51,000 12/31 revenues 45,000 Multiple Choice Wise Tools will report a $6,000 net loss for the period ending 12/31 Wise Tools will report net income of $6,000 for the period ending 12/31 Wise Tools will report net income of $1,000 for the period ending 12/31 Wise Tools will report a $1,000 net loss for the period ending 12/31