Prepare the entry to record the absorption of Havens' capital deficiency by the other partners and the distribution of cash to the partners with credit balances. Q4: At the end of its first year of operation, Doral Corporation has $750,000 of common stock and net income of $122,000. Prepare (a) the closing entry for net inconte and (b) the stockholders' equity section at year- end. Q5: King and Lee are co-partners in the Kingslee Company. The partnership agreement provides for: (1) salary allowances of $8,400 to King and