At the end of its first year of operation, Larkspur Corporation has $1,100,000 of common stock and net income of $238,000, (a) Your answer is correct. Prepare the closing entry for net income. (Credit account titles are outomatically indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts) Prepare the stockholders' equity section at year-end