The equity accounts of Monty SE on January 1, 2017, were as follows. 372,400 Share Capital-Preference (9%, 49 par, cumulative, 10,000 shares authorized) Share Capital-Ordinary (1 stated value, 1,983,900 shares authorized) Share Premium-Preference Share Premium-Ordinary Retained Earnings Treasury Shares-Ordinary (20,700 shares) 1,250,100 114,500 1,471,200 1,781,500 49,680 During 2017, the corporation had the following transactions and events pertaining to its equity. Feb. 1 Issued 24,900 ordinary shares for 74,700. Apr. 14 Sold 8,700 treasury shares-ordinary for 46,900. Sept. 3 Issued 6,800 ordinary shares for a patent valued at 42,600. Nov. 10 Purchased 1,100 ordinary shares for the treasury at a cost of 5,800. Dec. Determined that net income for the year was 457,400. 31 No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Credit account titles are automatic Date Account Titles and Explanation Debit Credit