On January 5, 2020, Cullumber Corporation received a charter granting the right to issue 5,200 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 51,700 shares of $10 par value common stock. It then completed these transactions.

Jan. 11 Issued 19,800 shares of common stock at $15 per share.

Feb. 1 Issued to Sanchez Corp. 3,900 shares of preferred stock for the following assets: equipment with a fair value of $49,200; a factory building with a fair value of $160,000; and land with an appraised value of $297,000.

July 29 Purchased 1,800 shares of common stock at $19 per share. (Use cost method.)

Aug. 10 Sold the 1,800 treasury shares at $15 per share.

Dec. 31 Declared a $0.50 per share cash dividend on the common stock and declared the preferred dividend.

Dec. 31 Closed the Income Summary account. There was a $163,800 net income.

Record the journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.