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At December 3 1 , Monty Corporation reports net income of $ 4 8 9 , 6 0 0 . Prepare the entry to close

At December 31, Monty Corporation reports net income of $489,600.
Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Dec. 31
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