At the end of its first year of operation, Cullumber Company has $$1,000,000$ of common stock and net income of $$200,000.$

$($a$)$

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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

Debit

Credit

Income Summary

Attempts: $1$ of $1$ used

$($b$)$

Retained Earnings

Prepare the stockholders' equity section at year$-$end.

Cullumber Company Balance Sheet $($partial$)$