Current Attempt in Progress On January 5, 2020, Swifty Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 53,300 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Issued 20,400 shares of common stock at $17 per share. Issued to Sanchez Corp. 4,200 shares of preferred stock for the following assets: equipment with a fair value of $45,200; a factory building with a fair value of $172,000; and land with an appraised value of $262,000. Purchased 2,000 shares of common stock at $18 per share. (Use cost method.) Sold the 2,000 treasury shares at $15 per share. Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend. Closed the Income Summary account. There was a $163,500 net income. Dec. 31 Date Account Titles and Explanation Debit Credit Feb. 1 Aug. 10