Current AttemptiIT TUB On January 5, 2020, Cullumber Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 9% cumulative and nonparticipating preferred stock, and 52,900 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1. July 29 Aug. 10 Dec. 31 Issued 20,100 shares of common stock at $15 per share. Issued to Sanchez Corp. 4,200 shares of preferred stock for the following assets: equipment with a fair value of $49,600; a factory building with a fair value of $159,000; and land with an appraised value of $257,000. Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Sold the 1,800 treasury shares at $13 per share. Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 (a) Closed the Income Summary account. There was a $173,800 net income. boue (Credit account titles are automatically indented when amount is sunt titles and enter 0 for the