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Problem 15-1 (Part Level Submission) On January 5, 2017 Blossom Corporation received a charter granting he right to issue 5,100 shares o S100 par value 7% cumulative and nonparticipating preferred stock and 48,500 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,900 shares of common stock at $16 per share Feb. 1 Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $52,500; a factory building with a fair value of $166,000; and land with an appraised value of $252,000 July 29 Purchased 1,800 shares of common stock at $18 per share. (Use cost method) Aug. 10 Sold the 1,800 treasury shares at $15 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 3 Closed the Income Summary account. There was a $172,200 net income