Current Attempt in Progress

At the end of its first year of operation, Skysong Corporation has $$900,000$ of common stock and net income of $$247,000.$

$($a$)$

Prepare the closing entry for net income. $($Credit account titles are automatically indented when amount is entered. indent manually. List debit entry before credit entry. If no entry is required, select $"$No Entry" for the account titles enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit