On January 5, 2017, Cheyenne Corporation received a charter granting the right to issue5,100shares of $100par value,9% cumulative and nonparticipating preferred stock, and49,000shares of $10par value common stock. It then completed these transactions.

Jan. 11 Issued21,800shares of common stock at $17per share.

Feb. 1 Issued to Sanchez Corp.4,400shares of preferred stock for the following assets: equipment with a fair value of $48,000; a factory building with a fair value of $147,000; and land with an appraised value of $254,000

July 29 Purchased1,800shares of common stock at $18per share. (Use cost method.)

Aug. 10 Sold the1,800treasury shares at $15per share.

Dec. 31 Declared a $0.45per share cash dividend on the common stock and declared the preferred dividend.

Dec. 31 Closed the Income Summary account. There was a $188,300net income

(a)

Record the journal entries for the transactions listed above

(B) PREPARE STOCKHOLDERS EQUITY SHEET AS OF DEC. 31 2017