At the end of its first year of operation, Kingbird Corporation has $$1,100,000$ of common stock and net income of $$249,000.$

$($a$)$

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

manually. List debit entry before credit entry. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit