Question 1 of 6 LUTTEN Attempt Progress - / 1 At the end of its first year of operation, Novak Corp. has $1,300,000 of common stock and net income of $243,000. (a) Prepare the closing entry for net income. (Credit account titles are automatically indented when amount entered Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Attempts: 0 of 1 used Suit