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1) Assumption: At the end of the year, ABC Corporation had $750,000 of Common Stocks. The net income was $122,000. Actions to take: 1. Prepare

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1) Assumption: At the end of the year, ABC Corporation had $750,000 of Common Stocks. The net income was $122,000. Actions to take: 1. Prepare the Journal Entry to record the closing for net income. 2. Prepare the Stockholder's Equity section of the Balance Sheet. Common Stocks = acciones comunes Net Income = ingreso neto Retained Earnings = ganancias retenidas

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