On January 5, 2020, Vaughn Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 45,800 shares of $10 par value common stock. It then completed these transactions Issued 20.900 shares of common stock at $16 per share. Issued to Sanchez Corp. 3,700 shares of preferred stock for the following assets: equipment with a fair value of $49,900: a factory building with a fair value of $147,000 and land with an appraised value of $256,000 July 29 Purchased 2,000 shares of common stock at $15 per share. (Use cost method.) Aug. 10 Sold the 2,000 treasury shares at $13 per share. 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 $179,600 net income. Jan 11 Feb. 1 (a Record the journal entries for the transactions listed above. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts, Record entries in the order displayed in the problem statement. Round answers to decimal places.es 55.275.) Account Titles and Explanation Debit Credit Date Date Account Titles and Explanation Debit Credit Feb. 1 Aug. 10 Aug. 10