On January 5, 2014, Phelps Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 54,500 shares of $12 par value common stock. It then completed these transactions.

Jan. 11 Issued 21,330 shares of common stock at $18 per share.

Feb. 1 Issued to Sanchez Corp. 5,100 shares of preferred stock for the following assets: equipment with a fair value of $58,700; a factory building with a fair value of $166,000; and land with an appraised value of $331,100.

July 29 Purchased 1,940 shares of common stock at $19 per share. (Use cost method.)

Aug. 10 Sold the 1,940 treasury shares at $14 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 $177,220 net income.

(a) Record the journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. $5,275.)

(b) Prepare the stockholders equity section of Phelps Corporations balance sheet as of December 31, 2014. (Enter account name only and do not provide descriptive information.)

Date Account Titles and Explanation January 11 Cash Common Stock Paid-in Capital in Excess February 1 Equipment Buildings Land Preferred Stock Paid-in Capital in Excess July 29 Treasury Stock Cash August 10 Cash Retained Earnings Treasury Stock December 31 Common Stock common stock Dividend D December 31 Income Summary Retained Earnings Debit 383940 58700 166000 331100 36860 27160 9700 L 177220 Credit 255960 127980 510000 45800 36860 36860 177220