journalize the transaction and closing entry for net income?

t stock P13-4B Gerstner Corporation is authorized to issue 10,000 shares of $40 par value, 10% preparepreferred stock and 200,000 shares of $5 par value common stock. On January 1, 2017, the y section.ledger contained the following stockholders' equity balances. Preferred Stock (5,000 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (70,000 shares) Paid-in Capital in Excess of Par Common Stock Retained Earnings $200,000 60,000 350,000 700,000 300,000 During 2017, 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 price for the preferred stock was $65 and the fair value for the patent was 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