On January 5, 2020, Novak Corporation received a charter granting the right to issue 5,100 shares...

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On January 5, 2020, Novak Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 51,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Dec. 31 Issued 19,500 shares of common stock at $15 per share. Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: er Purchased 1,600 shares of common stock at $16 per share. (Use cost method.) Sold the 1,600 treasury shares at $14 per share. Declared a $0.35 per share cash dividend on the common stock and declared the p Closed the Income Summary account. There was a $158,400 net income. On January 5, 2020, Novak Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 51,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Dec. 31 Issued 19,500 shares of common stock at $15 per share. Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: er Purchased 1,600 shares of common stock at $16 per share. (Use cost method.) Sold the 1,600 treasury shares at $14 per share. Declared a $0.35 per share cash dividend on the common stock and declared the p Closed the Income Summary account. There was a $158,400 net income.