At the end of its first year of operation, Larkspur Corporation has $1,100,000 of common...
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At the end of its first year of operation, Larkspur Corporation has $1,100,000 of common stock and net income of $238,000. (a) Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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At the end of its first year of operation, Larkspur Corporation has $1,100,000 of common stock and net income of $238,000. (a) Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 