The stockholders equity accounts of Wildhorse Co. on January 1, 2022, were as follows.

Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized)		$ 425,000
Common Stock ($1 stated value, 2,100,000 shares authorized)		1,150,000
Paid-in Capital in Excess of ParPreferred Stock		115,000
Paid-in Capital in Excess of Stated ValueCommon Stock		1,500,000
Retained Earnings		1,750,000
Treasury Stock (10,000 common shares)		40,000

During 2022, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1		Issued 24,000 shares of common stock for $123,000.
Apr.	14		Sold 5,500 shares of treasury stockcommon for $32,100.
Sept.	3		Issued 5,100 shares of common stock for a patent valued at $34,900.
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 $430,000.

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 titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)