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 Feb. 1 July 29 Issued 19,800 shares of common stock at $15 per share. 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. Purchased 1,800 shares of common stock at $19 per share. (Use cost method.) Sold the 1,800 treasury shares at $15 per share. Declared a $0.50 per share cash dividend on the common stock and declared the preferred dividend. Closed the Income Summary account. There was a $163,800 net income. Aug. 10 Dec. 31 Dec. 31 (a) Your answer is partially correct. 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 for the amounts. Record entries in the order displayed in the problem statement. Round answers to decimal places, eg. $5,275.) ate Account Titles and Explanation Debit Credit 11 Cash 297,000 Common Stock 198000 11 Cash 297,000 Common Stock 198000 Paid-in Capital in Excess of Par - Common Stock 99000 Equipment 49200 Buildings 160000 Land 297000 Preferred Stock 410000 Paid-in Capital in Excess of Par - Preferred Stock 96200 29 Treasury Stock 34200 Cash 34200 Cash 27000 Retained Earnings 34200 Treasury Stock 7200 .31 V Retained Earnings 12300 Dividends Payable 12300 .31 7 Income Summary 163800 Retained Earnings 163800 Buildings 160000 Land 297000 1 Preferred Stock 410000 Paid-in Capital in Excess of Par - Preferred Stock 96200 29