e and post stock P134A Peck Corporation is authorized to issue 20,000 shares of $50 par value, 10% pre- ons, and prepare ferred stock and 125,000 shares of $5 par value common stock. On January I, 2017, the ers' equity section. ledger contained the following stockholders' equity balances $500,000 75,000 350,000 700,000 300,000 Preferred Stock (10,000 shares) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings During 2017, the following transactions occurred. Issued 2,000 shares of preferred stock for land having a fair value of $120,000. Issued 1,000 shares of preferred stock for cash at 565 per share. Issued 16,000 shares of common stock for cash at $7 per share. Issued 400 shares of preferred stock for a patent. The asking price of the patent was $30,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Issued 8,000 shares of common stock for cash at $7.50 per share Net income for the year was $260,000. No dividends were declared. Feb. 1 Mar. 1 July 1 Sept. 1 Dec. 1 31 (a) Journalize the transactions and the closing entry for net income. (b) Enter the beginning balances in the accounts, and post the journal entries to the stock- holders' equity accounts. (Use 12 for the posting reference.) (c) Prepare a stockholders' equity section at December 31, 2017. pare aaty section 0 4) are in t