Question $2$ of $8$

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At the end of its first year of operation, Marigold Corp. has $$1,220,000$ of common stock and net income of $$242,000.$

$($a$)$

Prepare the closing entry for net income. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit