Prepare Journal Entries for the Following Transactions Reported by Evans $\$ 15$

Prepare journal entries for the following transactions reported by Evans Corporation for the month of May:
May 1 Issued 35,000 common shares at $\$ 15$ per share.
21 Issued 1,400 shares of $\$ 5$ , cumulative preferred shares for a total of $\$ 144,200$ .
28Exchanged 5,000 common shares for a patent valued at $\$82,000$ .
31Evans Corporation reported a net loss for May amounting to $\$ 10,500$ Prepare the entry to close the income summary account.
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