On January 5, 2017, Phelps Corporation
received a charter granting the right to issue			5,000	shares of	$50.00	par value,
14%	cumulative and nonparticipating preferred stock, and				50,000	shares of
$10.00	par value common stock. It then completed these transactions.
Jan 11	Issued	20,000	shares of common stock at		$20	per share.
Feb 1	Issued to Sanchez Corp.		5,000	shares of preferred stock for the following:
	Equipment with a fair market value of			$60,000
	A factory building with a fair market value of					$180,000
	and, land with an appraised value of			$250,000
Jul 29	Purchased	1,600	shares of common stock at		$19	per share.
	(Use the cost method.)
Aug 10	Sold the	1,500	treasury shares at		$14	per share.
Dec 15	Declared a	10%	stock dividend	for common	stockholders.	Stock price
	is	$58	per share.	Shares are	issed.
Dec 31	Declared a	$0.22	per share cash dividend on the common stock and
	declared the preferred dividend.
Dec 31	Closed the Income Summary account. There was a				$186,700	net income.
Instructions:
(a) Record the journal entries for the transactions listed above.
(b) Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2017.
								PHELPS CORPORATION
	Stockholders' Equity
	December 31, 2017
	Capital Stock
	Total capital stock
	Additional Paid-in Capital
	Total paid-in capital
	Total stockholders equity