4. On January 5, 2018, Parker Corporation received a charter granting the right to issue 6,000

shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 60,000 shares

of $10 par value common stock. It then completed these transactions.

Jan. 15 Issued 40,000 shares of common stock at $18 per share.

Feb. 22

Issued to Martinez Corp. 3,000 shares of preferred stock for the following assets:

equipment with a fair value of $30,000; a factory building with a fair value of

$60,000; and land with an appraised value of $170,000.

July 23 Purchased 2,000 shares of common stock at $20 per share.

Oct. 10 Sold the 2,000 treasury shares at $15 per share.

Dec. 31 Declared a $0.30 per share cash dividend on the common stock and declared the

preferred dividend.

Prepare all the necessary journal entries for the transactions listed above for Parker Corporation