Peck Corporation is authorized to issue 21.500 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 stockholder's equity balances. During 2017, the following transactions occurred. Feb. 1 Issued 1, 900 shares of preferred stock for land having a fair value of exist130.000 Mar. 1 Issued 1, 500 shares of preferred stock for cash at exist70 per share. July. 1 Issued 15,000 shares of common stock for cash at exist8 per share Sept. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was exist29,000. Market price for the preferred stock was exist67 and the fair value for the patent was indeterminable. Dec. 1 Issued 7, 500 shares of common stock for cash at exist8.50 per shares. Dec. 31 Net income for the year was exist258,000. No dividends were declared. Journalize the transactions and the closing entry for net income