Kelly's Corp. authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration:

1. Kelly's Corp purchased a piece of land from the original owner. In payment for the land, Kelly's corp issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,200,000

1. The company sold 120,000 shares of common stock with $1 par value.
2. Issued 25,500 shares of $20 par value preferred stock. Shares were issued at par.
3. Earned net income of $764,000
4. Dividend declared and paid - $0.15 per share on common stock
5. Dividend declared and paid - $5 per share on preferred stock

1a. Do the Journal entries and closing entries for the above transactions

1b. Do the owners equity section of the balance sheet only!