A. Journal entries- a) Land A/c Dr. $35000 To Share Capital A/c $35000 (Being land purchased through issue of share 35000 @ $1) b) Bank A/c Dr. $100000 To Share Capital A/c $100000 (Being 100000 share issued for $1) c) Bank A/c Dr. $396000 To Preferred share capital $396000 (Being preferred share capital issued 22000 share @ $18) d) Profit & Loss A/c dr. $850000 To Reserve & Surplus $850000 (Being profit transfer to reserve & surplus account) e) Profit & loss (Dividend paid ) A/c Dr. $20250 To Bank $20250 ( Dividend paid on share 135000 @ $0.15) f) Profit & loss (Dividend paid ) A/c Dr. $110000 To Bank $110000 ( Dividend paid on preferred share 22000 @ $5)

prepare the closing entries for the above transaction.