On January $5,2020,$ Sandhill Corporation received a charter granting the right to issue $5,300$ shares of $$100$ par value, $8\%$ cumulative and nonparticipating preferred stock, and $46,700$ shares of $$10$ par value common stock. It then completed these transactions.

Jan. $11$ Issued $20,000$ shares of common stock at $$17$ per share.

Feb. $1$ Issued to Sanchez Corp. $4,400$ shares of preferred stock for the following assets: equipment with a fair value of $$47,300$; a factory building with a fair value of $$161,000$; and land with an appraised value of $$253,000.$

July $29$ Purchased $2,000$ shares of common stock at $$16$ per share. $($Use cost method.$)$

Aug. $10$ Sold the $2,000$ treasury shares at $$14$ per share.

Dec. $31$ Declared a $$0\mathrm{.}50$ per share cash dividend on the common stock and declared the preferred dividend.

Dec. $31$ Closed the Income Summary account. There was a $$169,700$ net income.