On January 5, 2020, Flounder Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 9% cumulative and nonparticipating preferred stock, and 49,000 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Issued 21,800 shares of common stock at $17 per share. Issued to Sanchez Corp. 4,400 shares of preferred stock for the following assets: equipment with a fair value of $48,000; a factory building with a fair value of $147,000; and land with an appraised value of $254,000. Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Sold the 1,800 treasury shares at $15 per share. Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $188,300 net income.