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Jan. 11Issued 20,000 shares of common stock at $16 per share.Feb. 1Issued 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 $160,000; and land with an appraised value of $270,000.July 29Purchased 1,800 shares of common stock at $17 per share. (Use cost method.)Aug. 10Sold the 1,800 treasury shares at $14 per share.Dec. 31Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend.Dec. 31Closed the Income Summary account. There was a $175,700 net income
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Record the journal entries for the transactions listed above.
Prepare the stockholders’ equity section of Phelps Corporation’s balance sheet as of December 31, 2014.Get accounting assignment homework help today