At the end of its first year of operation, Skysong, Inc. has $$1,470,000$ of common stock and net income of $$220,000.$

$($a$)$

Prepare the closing entry for net income. $($Credit account titles are automatically indented when amount is entered. Do not inder manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Attempts: $0$ of $1$ used