Question 7 of 19 12.5/25 E Current Attempt in Progress On January 5, 2020, Buffalo Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 8% cumulative and nonparticipating preferred stock and 45,600 shares of $10 par value common stock. It then completed these transactions Issued 21,400 shares of common stock at $15 per share. Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $54,400; a factory building with a fair value of $155,000; and land with an appraised value of $249,000. July 29 Purchased 1,800 shares of common stock at $15 per share. (Use cost method.) Aug. 10 Sold the 1,800 treasury shares at $12 per share. Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $168,000 net income Jan 11 Feb. 1 Dec. 31 BUFFALO CORPORATION Stockholders' Equity December 31, 2020 Capital Stock Common Stock Preferred Stock Total Capital Stock Additional Paid-in Capital Paid in Capital in Excess of Par.Com Stock Pald-in Capital in Excess of Par-Preferred Stock Total Paid in Capital Retained Earnings Total Stockholders' Equity 21