On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,600 shares of $104 par value, 8% cumulative and nonparticipating preferred stock, and 52,100 shares of $11 par value common stock. It then completed these transactions.

Jan. 11		Issued 21,760 shares of common stock at $17 per share.
Feb. 1		Issued to Sanchez Corp. 4,800 shares of preferred stock for the following assets: equipment with a fair value of $58,170; a factory building with a fair value of $168,900; and land with an appraised value of $329,800.
July 29		Purchased 1,890 shares of common stock at $18 per share. (Use cost method.)
Aug. 10		Sold the 1,890 treasury shares at $15 per share.
Dec. 31		Declared a $0.35 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $181,810 net income. (a) Record the journal entries for the transactions listed above. (b)Prepare the stockholders