The stockholders' equity accounts of Sarasota Corporation on January 1, 2020, were as follows.

Preferred Stock (8%, $52par,11,000shares authorized)$442,000

Common Stock ($1stated value,1,950,000shares authorized)1,100,000

Paid-in Capital in Excess of ParPreferred Stock 100,000

Paid-in Capital in Excess of Stated ValueCommon Stock 1,450,000

Retained Earnings 1,750,000

Treasury Stock (10,000common shares) 40,000

During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity.

Feb.1 Issued26,000shares of common stock for $119,000.

Apr.14 Sold5,600shares of treasury stockcommon for $32,000.

Sept.3 Issued4,700shares of common stock for a patent valued at $34,300.

Nov.10 Purchased1,000shares of common stock for the treasury at a cost of $5,900.

Dec.31 Determined that net income for the year was $435,000.

No dividends were declared during the year.

Journalize the transactions and the closing entry for net income.