On January 5, 2020, Monty Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 51,500 shares of $10 par value common stock. It then completed these transactions.

Jan. 11		Issued 19,400 shares of common stock at $18 per share.
Feb. 1		Issued to Sanchez Corp. 3,700 shares of preferred stock for the following assets: equipment with a fair value of $49,200; a factory building with a fair value of $156,000; and land with an appraised value of $269,000.
July 29		Purchased 2,000 shares of common stock at $16 per share. (Use cost method.)
Aug. 10		Sold the 2,000 treasury shares at $14 per share.
Dec. 31		Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $168,700 net income.

Date Account Titles and Explanation Debit Credit Feb. 1 Aug. 10 Aug. 10 Save for Later Attempts: 0 of 3 used Submit