There are 5 problems in this set. Choose a number between 1 and 5: DEBIT CREDIT GRADE 0 0 Date Transaction 1/1/17 Carlyle Corporation issued 100,000 shares of $1.00 par common stock at a price of $1.00 per share. 0 1 LINE DATE GENERAL JOURNAL 1 1/1/17 2 3 4 1/10/17 5 6 6 1 7 8 1/15/17 9 1/10/17 Carlyle Corporation issued 40,000 shares of $1.00 par common stock at a price of $1.50 per share. 0 0 0 0 1/15/17 Carlyle Corporation issued 800 shares of $100 par preferred stock, with dividend rate of 4.00%. The shares were issued at par. ! 10 1/20/17 0 0 0 0 1/20/17 Carlyle Corporation purchased land with fair market value of! $24,000 by issuing 5,000 shares of $1.00 par common stock Use the FMV of the land to value the transaction, because Carlyle's stock is not traded on an exchange. I 1/31/17 0 0 1/31/17 Carlyle earned revenue on account this month of $70,000. . 1/31/17 1/31/17 Carlyle incurred expenses on account of $55,000. 0 0 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 1/31/17 0 0 0 CLOSING THE ACCOUNTS* 1/31/17 Debit Revenue for total revenue earned. Credit Expenses for total expenses incurred. Credit the net income amount to Retained Earnings. I *Note: In order to save space in the journal, I used an abbreviated closing strategy, by closing revenues and expenses directly to Retained Earnings, rather than using an Income Summary account. The revenues are debited, the expenses are credited, and the difference is the net income. DEBIT CREDIT TRIAL BALANCE CASH DEBIT CREDIT TRIAL BALANCE CASH ACCOUNTS RECEIVABLE LAND ACCOUNTS PAYABLE COMMON STOCK COMMON STOCK DISTRIBUTABLE PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK RETAINED EARNINGS REVENUE EXPENSES 0 0 IN BALANCE BALANCE SHEET CASH ACCOUNTS RECEIVABLE LAND TOTAL ASSETS 0 ACCOUNTS PAYABLE COMMON STOCK PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK TOTAL PAID IN CAPITAL RETAINED EARNINGS TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 0 #VALUE! #VALUE