At the end of it first year of operation, Riverbed Corporation has $$1,075,000$ of common stock and net income of $$215,000.$

$($a$)$

Prepare the closing entry for net income. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

Income Summary

Retained Earnings

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$($b$)$