Using the following information, prepare the journal entries necessary to record King Cole Corp's stock transactions during 2015. On January 15, 2015 40,000 shares of $20 par common stock are sold to the general public for $30 per share. On August 10, 2015, 6,000 shares of common stock are issued for plant machinery and equipment. The market price of the stock on this day was $50 per share. On October 1, 2015, King Cole Corp declared a cash dividend of $12,000 to the common stockholders. On October 15, 2015 King Cole Corp issued 500 shares of common stock to acquire the patent for the design of improvements to GPS monitoring. The fair market value of the design was $20,000. The dividend declared on October 1, 2015 was paid to the common stockholders on November 1, 2015. November 30, 2015, King Cole announced a 10 percent stock dividend. The market price of the stock on that day was $55 per share. The dividend declared on November 30, 2015 was issued to the common stockholders on December 30, 2015. Prepare the necessary closing entries on December 31, 2015 for King Cole Corp