Bramble Corporation is authorized to issue 22,000 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (12,000 shares) $600,000 Paid-in Capital in Excess of Par-Preferred Stock 69,000 Common Stock (64,000 shares) 320,000 Paid-in Capital in Excess of Par-Common Stock 660,000 Retained Earnings 250,000 Mar During 2020, the following transactions occurred. Feb. Issued 2,100 shares of preferred stock for land having a fair value of $125,000 Issued 1,100 shares of preferred stock for cash at $70 per share. July Issued 15,000 shares of common stock for cash at $8 per share. Sept. Issued 400 shares of preferred stock for a patent. The asking price of the patent was $29.500. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Issued 8,250 shares of common stock for cash at $8.50 per share. Net income for the year was $260,000. No dividends were declared. 1 1 1 1 Dec. Dec 1 31 Question 1 of 2 -/1 (a) Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Account Titles and Explanation Date Feb. 1 Debit Credit Apr 14 Sept. 3