please journalize the transactions and the closing entrys for the net incomes.

Return to Blackboard Weygandt, Accounting Principles, 12e Home |Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment> Open Assignment ASSIGNMENT RESOURCES Homework 11 Question 1 Peck Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 130,000 shares of S par value common stock Onnnua Preferred Stock (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock $525,000 68,500 317,500 750,000 330,000 Review Results by Study Common Stock (63,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During 2017, the following transactions occurred Feb. 1 Issued 2,000 shares of preferred stock for land having a fair value of $127,000. Mar. 1 Issued 1,300 shares of preferred stock for cash at $65 per share. July 1 Issued 17,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $70 an Dec. 1 Issued 8,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $265,000. No dividends were declared. Y (a) Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account tit Date Account Titles and Explanation Debit Credit