On January 5, 2014, Phelps Corporation received a charter granting the right to issue5,300shares of $100par value,8% cumulative and nonparticipating preferred stock, and51,800shares of $11par value common stock. It then completed these transactions.

Jan. 11	Issued20,500shares of common stock at $19per share.
Feb. 1	Issued to Sanchez Corp.4,900shares of preferred stock for the following assets: equipment with a fair value of $55,910; a factory building with a fair value of $166,900; and land with an appraised value of $333,000.
July 29	Purchased1,980shares of common stock at $18per share. (Use cost method.)
Aug. 10	Sold the1,980treasury shares at $13per share.
Dec. 31	Declared a $0.25per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31	Closed the Income Summary account. There was a $183,370net income.

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

(b) Prepare the stockholders equity section of Phelps Corporations balance sheet as of December 31, 2014.