Peck Corporation is authorized to issue 23,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2017, the ledger contained the following stockholders' equity balances. During 2017, the following transactions occurred. Feb. 1 Issued 1,900 shares of preferred stock for land having a fair value of $126,000. Mar. 1 Issued 1,300 shares of preferred stock for cash at $70 per share. July. 1 Issued 16,000 shares of common stock for cash at $8 per share. Sept. 1 Issued 450 shares of preferred stock for a patent. The asking price of the patent was $32,000. Market price for the preferred stock was $71 and the fair value for the patent was indeterminable. Dec. 1 Issued 8,250 shares of common stock for cash at $8.50 per share. Dec. 31 Net income for the year was $257,000. No dividends were declared. (a) Journalize the transactions and the closing 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.)