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  3. 4) prepare a journal entry for each of the followi

4) Prepare a journal entry for each of the following transactions. a)...

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Accounting

4) Prepare a journal entry for each of the following transactions.
a) KBM Consulting Inc. sells 2,000 shares of $4, cumulative preferred shares for $70 per share.
b) KBM Consulting Inc. sells 80,000 common shares for $4.50 per share.
c) Received equipment with a market value of $90,000, and issued 12,400 common shares in exchange.
d) KBM Consulting Inc. reports a net income for the current year of $425,000. Prepare the entry to close the income summary account.

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