please show step by steps .

On January 5, 2022, Bigfork Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock. It then completed the following transactions. January 11, 2022 - Issued 20,000 shares of common stock at $16 pe share. February 1, 2022 - issued to Sanchez Corp. 4,000 shares of preferred stock for the following assets: Equipment-fair value of $50,000 Factory Building - fair value of $160,000 Land with an appraised value of $270,000 July 29, 2022 - Purchased 1,800 shares of common stock at $17 per share. (Use the cost method) August 10, 2022 - Sold the 1,800 treasury shares at $14 share December 31, 2022 - Declared a $.25 per share cash dividend on the common stock and declared the preferred dividend. December 31, 2022 - Closed the Income Summary account. There was a $175,000 net income. Required: 1. Record the journal entries for the transactions listed above. 2. Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2020