Journalize the transactions and the closing entry for net income.

The stockholders' equity accounts of Cheyenne Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $ 400,000 1,150,000 140,000 1,500,000 1,800,000 50.000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 14 Feb. Apr. Sept. Nov. Dec. 3 Issued 24,000 shares of common stock for $122,000. Sold 5,600 shares of treasury stock-common for $33,000. Issued 5,200 shares of common stock for a patent valued at $34,100. Purchased 1,100 shares of common stock for the treasury at a cost of $6,000. Determined that net income for the year was $480,000. 10 31 No dividends were declared during the vear