Please answer both questions completely and correctly At December 31, Flounder Corporation reports net income of $ 451,200.Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented whenamount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditDec. 31 On May 10, Blue Spruce Corporation issues 2,050 shares of $ 10 par value common stock for cash at $ 20 per share.Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amountIs entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditMay 10

At December 31, Flounder Corporation reports net income of $ 451,200. Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31