At the end of its first year of operation, Pharoah Company has $1,250,000 of common stock and net income of $228,000. (a) 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.) Prepare the stockholders' equity section at year-end