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At the end of its first year of operation, Doral Corporation has $750,000 of common stock and net income of $122,000. No dividend is given
At the end of its first year of operation, Doral Corporation has $750,000 of common stock and net income of $122,000. No dividend is given out to stockholders.
Prepare (a) the closing entry for net income and (b) the stockholders equity section at year-end.
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