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Practice Problem 1 The stockholders' equity accounts of Skysong, Inc. on January 1, 2019, were as follows. Preferred Stock (8%, $52 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,000 common shares) $ 390,000 1,000,000 130,000 1,500,000 1,750,000 50,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $124,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,400. Sept. 3 Issued 4,800 shares of common stock for a patent valued at $34,000. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. 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. (Record journal entries in the order presented in the problem. Credit account tit automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles ar for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 124000 Common Stock 26000 Paid-in Capital in Excess of Stated Value-Common 98000 Apr. 14 Cash 32,400 Treasury Stock 28000 Paid-in Capital from Treasury Stock 4400 Sept. 3 Patents Common Stock Paid-in Capital in Excess of Stated Value-Common St Nov. 10 Treasury Stock 6100 Cash 6100 Dec. 31 Income Summary 435000 Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Paid-in Capital from Treasury Stock Treasury Stock Skysong, Inc. Balance Sheet (Partial)