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 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: equipment with a fair value of $53,300: a factory building with a fair value of $152,000; and land with an appraised value of $295,000. Purchased 1.600 shares of common stock at $16 per share. (Use cost method.) Sold the 1.600 treasury shares at $14 per share. Dec 31 Declared a $0.35 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $158,400 net income.