$4)$ Prepare a journal entry for each of the following transactions.

a$)$ KBM Consulting Inc. sells $2,000$ shares of $$4,$ cumulative preferred shares for $$70$ per share.

b$)$ KBM Consulting Inc. sells $80,000$ common shares for $$4\mathrm{.}50$ per share.

c$)$ Received equipment with a market value of $$90,000,$ and issued $12,400$ common shares in exchange.

d$)$ KBM Consulting Inc. reports a net income for the current year of $$425,000.$ Prepare the entry to close the income summary account.