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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Account Titles and Explanation Debit Income Summary 224000 Retained Earnings 224000 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section at year-end. Kingbird, Inc. Balance Sheet (partial) Paid-in Capital Property, Plant and Equipment Common Stock 1000000 Retained Earnings 224000 Total Stockholders' Equity 1224000 Click if you would like to Show Work for this question: Open Show Work 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Account Titles and Explanation Debit Income Summary 224000 Retained Earnings 224000 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section at year-end. Kingbird, Inc. Balance Sheet (partial) Paid-in Capital Property, Plant and Equipment Common Stock 1000000 Retained Earnings 224000 Total Stockholders' Equity 1224000 Click if you would like to Show Work for this question: Open Show Work