Required:

Prepare the journal entries indicated for each of these transactions.

Prepare the stockholders' equity section of the balance sheet at December $31.$ At the end of the year, the accounts reflected net

income of $$39,000.$ No dividends were declared.

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Prepare the stockholders' equity section of the balance sheet at December $31.$ At the end of the year, the accounts reflected

net income of $$39,000.$ No dividends were declared.