Current Attempt in Progress

At the end of its first year of operation, Skysong Corporation has $$900,000$ of common stock and net income of $$248,000.$

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

Debit

Credit

Income Summary

Income Summary