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At the end of its first year of operation, Bridgeport Corporation has $1,015,000 of common stock
and net income of $203,000.
(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
(b)Prepare the stockholders' equity section at year-end.
BRIDGEPORT CORPORATION
Balance Sheet (partial)

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