. In-Class Portion: On January 1, 2018, BYD Corporation was incorporated. The corporate charter grants BYD Corp. the right to issue 35,000 shares of $5.00 par value, 3% cumulative and nonparticipating preferred stock, and 525,000 shares of $1.00 par value common stock. It then completed these transactions. Jan 25 Issued 420,000 shares of common stock at $25 per share. Mar 1 Issued to Sanchez Corp. 22,750 shares of preferred stock for the following: o Machinery with a fair market value of $45,500 O A factory building with a fair market value of $56,875 and, o Land with an appraised value of $68,250 Jul 21 Purchased 50,400 shares of common stock at $17.50 per share using the cost method. Aug 15 Sold 37,800 treasury shares at $28.00 per share. Dec 31 Closed the Income Summary account. There was a $8,536,500 of net income. Dec 31 Declared a $0.80 per share cash dividend on the common stock and declared the preferred dividend. . . . (a) Record the journal entries for the transactions listed above. (b) Prepare the stockholders' equity section of BYD Corporation's balance sheet as of December 31, 2018