On January 5, 2020, Culver Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 45,800 shares of $10 par value common stock. It then completed these transactions.

Jan. 11		Issued 20,900 shares of common stock at $16 per share.
Feb. 1		Issued to Sanchez Corp. 3,700 shares of preferred stock for the following assets: equipment with a fair value of $49,900; a factory building with a fair value of $147,000; and land with an appraised value of $256,000.
July 29		Purchased 2,000 shares of common stock at $15 per share. (Use cost method.)
Aug. 10		Sold the 2,000 treasury shares at $13 per share.
Dec. 31		Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $179,600 net income.

Record the journal entries for the transactions listed above.

Prepare the stockholders equity section of Culver Corporations balance sheet as of December 31, 2020