During 2012, the company completed the following selected transactions. Journalize each transaction. Explanations are not required.

a. Issued for cash 1,300 shares of preferred stock at par value.
b. Issued for cash 2,400 shares of common stock at a price of $5 per share.
c. Net income for the year was $74,000, and the company declared no dividends. Make the closing entry for net income.
2. Prepare the stockholders’ equity section of the Lincoln-Priest balance sheet at December 31, 2012.

To journalize each transaction, you would need to record them chronologically in the general journal. Here's how you would journalize each transaction:

a. Issued for cash 1,300 shares of preferred stock at par value.
Debit Cash (increase in assets) - (number of shares x par value per share)
Credit Preferred Stock (increase in equity) - (number of shares x par value per share)

b. Issued for cash 2,400 shares of common stock at a price of $5 per share.
Debit Cash (increase in assets) - (number of shares x price per share)
Credit Common Stock (increase in equity) - (number of shares x par value per share)

c. Net income for the year was $74,000, and the company declared no dividends. Make the closing entry for net income.
Debit Retained Earnings (increase in equity) - (amount of net income)
Credit Income Summary (decrease in equity) - (amount of net income)

To prepare the stockholders' equity section of the Lincoln-Priest balance sheet at December 31, 2012, you would need the following information:

- Total amount of Preferred Stock issued
- Total amount of Common Stock issued
- Retained Earnings balance at the beginning of the year
- Net income for the year
- Dividends declared (if any)

Using these details, you can calculate the stockholders' equity section as follows:

1. Preferred Stock:
- Total amount of Preferred Stock issued (from transaction a)

2. Common Stock:
- Total amount of Common Stock issued (from transaction b)

3. Retained Earnings:
- Retained Earnings balance at the beginning of the year
- Add Net income for the year (from transaction c)
- Deduct Dividends declared (if any)

Once you have gathered all the necessary information, you can present the stockholders' equity section on the balance sheet in the following format:

Stockholders' Equity
Preferred Stock: $X
Common Stock: $Y
Retained Earnings: $Z

Please note that the specific amounts will depend on the information provided in the question.