On January 1, 2017, Corporation has the following stockholders' equity accounts. Preferred Stock (6%, $50 par value, 10,000 shares issued and outstanding) $500,000 Paid-in Capital in Excess of Par-Preferred Stock 100,000 Common Stock ($10 par value, 100,000 shares issued and outstanding) 1,100,000 Paid-in Capital in Excess of Par-Common Stock 200,000 Retained Earnings 540,000 Journalize the transactions and the closing entry for net income