(Answered) Problem - on january 5 2012 phelps corporation received a

Accounting

Problem - On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,200 shares of $104 par value, 6% cumulative and nonparticipating preferred stock, and 50,800 shares of $10 par value common stock. It then completed these transactions.

Jan. 11 Issued 21,550 shares of common stock at $16 per share.

Feb. 1 Issued to Sanchez Corp. 4,800 shares of preferred stock for the following assets: equipment with a fair value of $55,510; a factory building with a fair value of $165,500; and land with an appraised value of $327,000.

July 29 Purchased 1,860 shares of common stock at $18 per share. (Use cost method.)

Aug. 10 Sold the 1,860 treasury shares at $12 per share.

Dec. 31 Declared a $0.35 per share cash dividend on the common stock and declared the preferred dividend.

Dec. 31 Closed the Income Summary account. There was a $176,310 net income.

(a) Record the journal entries for the transactions listed above.

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