At the end of its first year of operation, Concord Corporation has $1,430,000 of common stock and net income of $205,000. (a) Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation I Debit Credit

At the end of its fiest year of operation, Concord Corporation has $1,430,000 of cornmon stock andmet income of $205,000 (a) Prepare the closing entry for net income. (Credit account titles are automotically in ited when amount is entered, Do not indent monually. If no entry is required, select "No Entry" for the occount titles and enter Ofor " tamounts.)