Pronghorn Corporation is authorized to issue 21,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (10,000 shares) $500,000 Paid-in Capital in Excess of Par-Preferred Stock 71,000 Common Stock (66,000 shares) 330,000 Paid-in Capital in Excess of Par-Common Stock 750,000 Retained Earnings 250,000 During 2022, the following transactions occurred. Feb. 1 Issued 2,200 shares of preferred stock for land having a fair value of $122,000. Mar. 1 Issued 1,000 shares of preferred stock for cash at $70 per share. July 1 Issued 16,500 shares of common stock for cash at $8 per share. Sept. 1 Dec. 1 Dec. 33 311 Issued 500 shares of preferred stock for a patent. The asking price of the patent was $30,500. Market price for the preferred stock was $69 and the fair value for the patent was indeterminable. Issued 7,500 shares of common stock for cash at $8.50 per share. Net income for the year was $261,000. No dividends were declared. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. 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 Credit Date Account Titles and Explanation Debit Credit Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Bal. Feb. 1 Mar. 1 July 1 Sept. 1 Dec. 1 Dec. 31 Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings information provided in the question.) PRONGHORN CORPORATION Balance Sheet (Partial)