Question 8 View Policies Show Attempt History Current Attempt in Progress At the end of its first year of operation, Tamarisk Corporation has $1,000,000 of common stock and net income of $239,000. Your answer is correct. Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. I required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Credit Debit 239000 Income Summary 239000 Retained Earnings repare the stockholders' equity section at year-end. TAMARISK CORPORATION Balance Sheet (Partial) December 31 Stockholders' Equity Common Stock 1000000 Retained Earnings 239000 Total Stockholders' Equity 1239000 e Textbook and Media