Peck Corporation is authorized to issue 20,000 shares of exist50 par value. 10% preferred stock and 120,000 shares of exist5 par value common stock. On January 1, 2017, the ledger contained the following stockholders' equity balances. During 2017, the following transactions occurred. Issued 1, 800 shares of preferred stock for land having a fair value of exist120,000. Issued 1,000 shares of preferred stock for cash at exist65 per share. Issued 15,000 shares of common stock for cash at exist7 per share. Issued 350 shares of preferred stock for a patent. The asking price of the patent was exist28,000. Market price for the preferred stock was exist67 and the fair value for the patent was indeterminable. Issued 7, 500 shares of common stock for cash at exist7.50 per share. Net income for the year was exist255,000. No dividends were declared. Journalize the transactions and the closing entry for net income