Assume one year later (2019) the company KY Jelleller's Ltd has been formed and the owners are desirous of companying several financial transactions and possible outcomes to assist in guiding their decision-making process. They have asked each student from your accounting course to prepare the company's journal entries and statement of owner's equity based on the following information. The company's charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration:

1. KY Jewellers purchased a piece of land from the original owner. In payment for the land, KY Jewellers issues 380,000 shares of common stock with a $1.00 par value. The land has been appraised at a market value of $1,500,000.

2. The company sold 150,000 shares of common stock with a $1 par value.

3. Issued 23,000 shares of $16 par value preferred stock. Shares were issued at par.

4. Earned net income of $940,000.

5. Dividend declared and paid- $0.15 per share on common stock.

6. Dividend declared and paid-$5 per share on preferred stock.

Using the information above:

A. Prepare the closing entries for the above transaction