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At the end of it first year of operation, Riverbed Corporation has $1,075,000 of common...

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Accounting

At the end of it first year of operation, Riverbed Corporation has $1,075,000 of common stock and net income of $215,000.
(a)
Prepare the closing entry for net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Income Summary
Retained Earnings
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(b)
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