At the end of its first year of operation, Bridgeport Corporation has $1,115,000 of common stock and net income of $223,000.

Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

Prepare the stockholders equity section at year-end.

BRIDGEPORT CORPORATION Balance Sheet (partial)
		$
				$