At the end of its first year of operation, Shamrock Corporation has $1,200,000 of common stock and net income of $244,000. (a) Your Answer Correct Answer (Used) - Your answer is partially correct. Prepare the closing entry for net income. (Credit account titles are automatically indented when the 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 O for the amounts.) Account Titles and Explanation Stock Dividends Debit 1200000 Credit

At the end of its first year of operation, Shamrock Corporation has $1,200,000 of common stock and net income of $244,000. (a) Correct Answer (Used) Your answer is partially correct. Prepare the closing entry for net income. (Credit occount titles are automatically indented when the 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 O for the amounts.) Prepare the stockholders' equity section at year-end