How to prepare journal entries for each of the following:a) Taste Good Cookie Corporation sells 10,000 shares of $10 stock par common stock for $13.25 per share.b) Taste Good Cookie Corporation sells 5,000 shares of $50 par cumulative preferred stock for $55 per share.c) Received a building with a market value of 160,000, and issued 6,400 shares of $10 par common stock in exchange.d) Taste Good Cookie Corporation reports a net income for the current year of 56,000. Prepare the entry to close the Income Summary account.
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