Bonds Payable Buildings Cash Common Stock Common Stock Dividend Distributable Debt Investments Dividends Payable - Common Stock Dividends Payable - Preferred Stock Discount on Bonds Payable Equipment Equity Equity Investments Income Summary Land Legal Fees Expense No Entry Organization Expense Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par - Common Stock Paid-in Capital in Excess of Par - Preferred Stock Paid-in Capital in Excess of Stated Value - Common Stock Preferred Stock Property Dividends Payable Retained Earnings Treasury Stock Unamortized Bond Issue Costs Unrealized Holding Gain or Loss - Income

Problem 15-1 On January 5, 2017, Metock Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 9% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock. It then completed these transactions. Jan. 11Issued 20,700 shares of common stock at $17 per share. Feb. 1 Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a fair value of $52,200; a factory building with a fair value of $163,000; July 29 Aug. 10 Dec. 31 Dec. 31 and land with an appraised value of $297,000 Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Sold the 1,800 treasury shares at $15 per share. Declared a $0.35 per share cash dividend on the common stock and declared the preferred dividend. Closed the Income Summary account. There was a $174,100 net income Record the journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. $5,275.) Date Account Titles and Explanation Debit Credit