The stockholders' equity accounts of Ayayai Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,100,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $ 408,000 1,200,000 150,000 1,500,000 1,850,000 52,500 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $117,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $33,400. Sept. 3 Issued 4,800 shares of common stock for a patent valued at $35,800. Nov. Purchased 1,000 shares of common stock for the treasury at a cost of $5,700. Determined that net income for the year was $480,000. 10 Dec. 31 work Question 2 of 2 -/15 (a) Journalize the transactions and the closing entry for net income. (Recordjoumal 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 Feb. 1