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On January 5, 2020, Stellar Corporation received a charter granting the right to issue 5,300 shares of $100 par value, 8% cumulative and nonparticipating

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On January 5, 2020, Stellar Corporation received a charter granting the right to issue 5,300 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 52,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,800 shares of common stock at $17 per share. Feb. 1 July 29 Aug. 10 Dec. 31 Issued to Sanchez Corp. 3,700 shares of preferred stock for the following assets: equipment with a fair value of $48,300; a factory building with a fair value of $157,000; and land with an appraised value of $243,000. Purchased 2,000 shares of common stock at $18 per share. (Use cost method.) Sold the 2,000 treasury shares at $15 per share. Declared a $0.50 per share cash dividend on the common stock and declared the preferred dividend. Dec. 311 Closed the Income Summary account. There was a $192,100 net income.

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