At the end of its first year of operation Concord Corporation has $ 1,120,000 of common stock and net income of $ 224,000, (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 Prepare the stockholders' equity section at year-end, CONCORD CORPORATION Balance Sheet (partial)