View Policies Current Attempt in Progress Ayayai Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1,2022, the ledger contained the following stockholders' equity balances. During 2022, the following transactions occurred. Feb. 1 Issued 2,100 shares of preferred stock for land having a fair value of $121,000. Mar. 1 Issued 1,100 shares of preferred stock for cash at $70 per share. July 1 Issued 17.000 shares of common stock for cash at $7 per share. Sept. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $32,000, Market price for the preferred stock was $68 and the fair value for the patent was indeterminable. Dec. 1 Issued 7,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $255,000. No dividends were declared. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entrles. Record journol entrles in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)