On January 5, 2019, Phelps Corporation received a charter granting the right t 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 $18 Jan 8 Issued 20,000 shares of common stock at per share Feb 1 Issued to Sanchez Corp. 5,000 shares of preferred stock for the following Equipment with a fair market value of $65,000 A factory building with a fair market value of and, land with an appraised value of $180,000 5250,000 Jul 29 Purchase 1,700 shares of common stock at $19pershae Use the cost method.) Aug 10 Sold the 1,500 S14 per share treasury shares at Dec 15 Declared Dec 31 Declared 0.25 per share cash dividend on the common stock and Dec 31 Closed the Income Summary account. There was a $250,700 net income 10% 58 stock dvidend for common stockholders. Stock price per share. Shares are issed IS declared the preferred dividend (b) Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of (a) Record the journal entries for the transactions listed above December 31, 2017 PHELPS CORPORATION Stockholders Equity December 31, 2018 Capital Stock Total capital stock Additional Paid-in Capital On January 5, 2019, Phelps Corporation received a charter granting the right t 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 $18 Jan 8 Issued 20,000 shares of common stock at per share Feb 1 Issued to Sanchez Corp. 5,000 shares of preferred stock for the following Equipment with a fair market value of $65,000 A factory building with a fair market value of and, land with an appraised value of $180,000 5250,000 Jul 29 Purchase 1,700 shares of common stock at $19pershae Use the cost method.) Aug 10 Sold the 1,500 S14 per share treasury shares at Dec 15 Declared Dec 31 Declared 0.25 per share cash dividend on the common stock and Dec 31 Closed the Income Summary account. There was a $250,700 net income 10% 58 stock dvidend for common stockholders. Stock price per share. Shares are issed IS declared the preferred dividend (b) Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of (a) Record the journal entries for the transactions listed above December 31, 2017 PHELPS CORPORATION Stockholders Equity December 31, 2018 Capital Stock Total capital stock Additional Paid-in Capital