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Q.1 Dominick Corporation is authorized to issue 10,000 shares of $40 par value, 10% preferred stock and 200,000 shares of $5 par value common stock. On January 1, 2012, the ledger contained the following stockholders' equity balances. During 2012, the following transactions occurred. - Feb. 1 Issued 1,000 shares of preferred stock for land having a fair value of $65,000. - Mar. 1 Issued 2,000 shares of preferred stock for cash at $60 per share. - July 1 Issued 20,000 shares of common stock for cash at $5.80 per share. - Sept. 1 Issued 800 shares of preferred stock for a patent. The asking price of the patent was $60,000. Market values were preferred stock $65 and patent, indeterminable. - Dec. 1 Issued 10,000 shares of common stock for cash at $6 per share. - Dec. 31 Net income for the year was $210,000. No dividends were declared. Instructions: (6 Marks) (a) Journalize the transactions and the closing entry for net income. (b) Prepare a stockholders' equity section at December 31, 2012