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On January 5, 2020, Phelps Corporation received a charter granting the right to issue 5.000 shares of S 100 par value, 8% cumulative and nonparticipating preferred stock and 50.000 shares of $ 10 par value common stock. It then completed these transactions Jan. 11 Feb. 1 July 29 Issued 20.000 shares of common stock at $ 16 per share. Issued to Sanchez Corp. 4,000 shares of preferred stock for the following assets, equipment with a fair value of $ 50.000; a factory building with a fair value of $ 100.000, and land with an appraised value of S 270.000. Purchased 1,800 shares of common stock at $ 17 per share. (Use cost method) Sold the 1.800 treasury shares at $ 14 per share Declared a $ 0.25 per share cash dividend on the common stock and declared the preferred dividend. Closed the income Summary account. There was a $ 175.700 net income. Aug. 10 Dec. 31 Dec 31 Date Account Titles and Explanation Debit Credit an. 11 Cash 320,000 Common Stock 200,000 Paid in Capital in Excess of Par. Common Stock 120,000 1 Equipment 50,000 Buildings 160.000 Land 270,000 Preferred Stock 400,000 Paid-in Capital in Excess of Par-Preferred Stock 80,000 y 29 Treasury Stock 30,600 30,600 Cash 10 Cash 25,200 Cash 30.600 10 Cash 25.200 Retained Earnings 5,400 Treasury Stock 30.600 lec 31 Retained Earnings 37,000 Common Stock Dividend Distributable 5000 Sec. 31 Income Summary 175.700 Retained Earnings 175,700 eTextbook and Media Assistance Used List of Accounts