Lazier Tech, Inc., was organized in 2017. At December 31, 2017, the Lazier Tech balance sheet reported the following stockholders' equity: Lazier Tech Inc. Stockholders' Equity December 31,2017 Paid-in Capital Preferred stock, 6%, $40 par, 1,000,000 shares authorized, none issued Common stock, $4 par, 600,000 shares authorized, 100,000 shares ssued and outstanding Paid-in capital in excess of par-common Total paid-in capital Retained earnings 0 400,000 520,000 Total Stockholders' equity Requirements: 1. During 2018, the company completed the following selected transactions and you are required to journalize each transaction. Explanations are not required. a. Issued for cash 25,000 shares of preferred stock at par value. b. Issued for cash 40,000 shares of common stock at a price of $10 per share. c. Net income for the year was $240,000, and the company declared no dividends. d. Make the closing entry for Net Income. 2. Prepare the stockholders' equity section of the Lazier Tech balance sheet at December 31, 2018