1)Prepare a journal entry for each of the following transactions.

a) Masters Corporation sells 10,000 common shares for $13.25 per share.

b) Masters Corporation sells 5,000 shares of $5, cumulative preferred shares for $55 per share.

c) Received a building with a market value of $160,000, and issued 6,400 common shares in exchange.

d) Masters Corporation reports a net income for the current year of $56,000. Prepare the entry to close the income summary account.