On January 5, 2020, Metlock Corporation received a charter granting the right to issue 4,500 shares of $100 par value, 8% cumulative and nonparticipating preferred stock. and 45,400 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Issued 19,700 shares of common stock at $16 per share. Issued to Sanchez Corp. 4.400 shares of preferred stock for the following assets: equipment with a fair value of $45,300; a factory building with a fair value of $176,000; and land with an appraised value of $290,000. Purchased 1,700 shares of common stodk at $17 per share. (Use cost method.) Sold the 1,700 treasury shares at $15 per share. Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend. Closed the Income Summary account. There was a $184.700 net income. Dec. 31