On January 1, 2020, Oscar Martinez Corporation received a charter granting the right to issue 10,000 shares of $110 par value, 7% cumulative and nonparticipating preferred stock, and 50,000 shares of $9 par value common stock. It then completed these transactions. Jan. 11 Issued 12,000 shares of common stock at $15 per share. Feb. 1 Issued to Sanchez Corp. 5,000 shares of preferred stock for the following assets: equipment with a fair value of $55,000; a factory building with a fair value of $200,000; and land with an appraised value of $150,000. July 29 Purchased 1,600 shares of common stock at $18 per share. (Use cost method.) Aug. 10 Sold the 1,600 treasury shares at $16 per share. Dec. 31 Declared a $0.25 per share cash dividend on the common stock.