On January 5, 2020, Phelps Corporation received a charter granting the right to issue 10,000 shares of $50.00 par value, 15% cumulative and nonparticipating preferred stock, and 50,000 shares of $10.00 par value common stock. It then completed these transactions. Jan 8 Issued 30,000 shares of common stock at $19 per share. Feb 1 Issued to Sanchez Corp. 4,000 shares of preferred stock for the following: Equipment with a fair market value of $85,000 A factory building with a fair market value of $280,000 and, land with an appraised value of $150,000

Jul 29 Purchased 1,900 shares of common stock at $69 per share. (Use the cost method.) Aug 10 Sold the 1,400 treasury shares at $42 per share. Dec 15Declared a 15% stock dividend for common stockholders. Stock price is $58 per share. Shares are issued. Dec 31 Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividend. Dec 31 Closed the Income Summary account. There was a $1,250,700 net income.

(b) Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2020.
	PHELPS CORPORATION
	Stockholders' Equity
	December 31, 2020