On January 5, 2014, Phelps Corporation received a charter granting the right to issue 5,500 shares of $103 par value, 7% cumulative and nonparticipating preferred stock, and 52,900 shares of $10 par value common stock. It then completed these transactions.

Jan. 11		Issued 21,640 shares of common stock at $16 per share.
Feb. 1		Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $58,500; a factory building with a fair value of $172,300; and land with an appraised value of $333,500.
July 29		Purchased 1,980 shares of common stock at $20 per share. (Use cost method.)
Aug. 10		Sold the 1,980 treasury shares at $14 per share.
Dec. 31		Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $182,510 net income.

(a) Record the journal entries for the transactions listed above.