Peck Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2017, the ledger contained the following stockholders' equity balances. Preferred Stock (10,000 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (60,000 shares) Paid-in Capital in Excess of Par-Common Stocdk Retained Eamings $500,000 65,000 300,000 650,000 250,000 During 2017, the following transactions occurred. Feb. 1 Issued 1,800 shares of preferred stock for land having a fair value of $120,000. Mar 1 Issued 1,000 shares of preferred stock for cash at $65 per share. uly 1 Issued 15,000 shares of common stock for cash at $7 per share. Sept. Issued 350 shares of preferred stock for a patent. The asking price of the patent was $28,000, Market price for the preferred stock was $67 and the fair value for the patent was indeteminable. Dec. 1 Issued 7,500 shares of common stock for cash at $7.50 er share. Dec. 31 Net income for the year was $255,000, No dividends were declared. Question 1 Journalize the transactions and the dosing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit