On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,600 shares of $104 par value, 7% cumulative and nonparticipating preferred stock, and 54,400 shares of $12 par value common stock. It then completed these transactions.

Jan. 11		Issued 21,210 shares of common stock at $17 per share.
Feb. 1		Issued to Sanchez Corp. 4,600 shares of preferred stock for the following assets: equipment with a fair value of $59,280; a factory building with a fair value of $175,000; and land with an appraised value of $333,800.
July 29		Purchased 1,920 shares of common stock at $20 per share. (Use cost method.)
Aug. 10		Sold the 1,920 treasury shares at $15 per share.
Dec. 31		Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $182,190 net income.

(a) Don't need help with a.

(b) Prepare the stockholders