At the end of its first year of operation, Teal Mountain Corporation has $$1,200,000$ of common stock and net income of $$241,000.$

$($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.$)$

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