Help with instruction on how each step is calculated please? Dont mind the pen mark up.

Exercise Ch. 11 stockholders' equity accounts of Tamarisk, Inc. on January 1, 2019, were as follows. The Preferred Stock (89%, $52 par, cumulative, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $ 390,000 1,300,000 105,000 1,500,000 1,800,000 44,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders? equity. Feb. 1 issued 24,000 shares of common stock for $124,000. -5Scoox Y Apr. 14 Sold 5,500 shares of treasury stock-common for $33,400. Sept. 3 Issued 4,900 shares of common stock for a patent valued at $34,000. Nov. 10 Dec. 31 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Determined that net income for the year was $435,000. No dividends were declared during the year. a. Journalize the transactions and the closing entry for net income. Prepare a stockholders' equity section at December 31, 2019, including the disclosure of the preferred dividends in arrears. b