On January 5, 2020,PhelpsCorporation received a charter granting the right to issue5,000shares of $100par value,8% cumulative and nonparticipating preferred stock, and50,000shares of $10par value common stock. It then completed these transactions.

Jan. 11Issued20,000shares of common stock at $16per share.Feb. 1Issued to Sanchez Corp.4,000shares of preferred stock for the following assets: equipment with a fair value of $50,000; a factory building with a fair value of $160,000; and land with an appraised value of $270,000.July 29Purchased1,800shares of common stock at $17per share. (Use cost method.)Aug. 10Sold the1,800treasury shares at $14per share.Dec. 31Declared a $0.25per share cash dividend on the common stock and declared the preferred dividend.Dec. 31Closed the Income Summary account. There was a $175,700net income.

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 0 for the amounts. Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. $5,275.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

Jan. 11

Feb. 1

July 29

Aug. 10

Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Feb. 1

enter an account title for the journal entry on February 1

enter a debit amount

enter a credit amount

enter an account title for the journal entry on February 1

enter a debit amount

enter a credit amount

enter an account title for the journal entry on February 1

enter a debit amount

enter a credit amount

enter an account title for the journal entry on February 1

enter a debit amount

enter a credit amount

enter an account title for the journal entry on February 1

enter a debit amount

enter a credit amount

choose a transaction date

Jan. 11

Feb. 1

July 29

Aug. 10

Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Aug. 10

enter an account title for the journal entry on August 10

enter a debit amount

enter a credit amount

enter an account title for the journal entry on August 10

enter a debit amount

enter a credit amount

enter an account title for the journal entry on August 10

enter a debit amount

enter a credit amount

choose a transaction date

Jan. 11

Feb. 1

July 29

Aug. 10

Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

Jan. 11

Feb. 1

July 29

Aug. 10

Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

eTextbook and Media

List of Accounts

Prepare the stockholders' equity section ofPhelpsCorporation's balance sheet as of December 31, 2020.(Enter account name only and do not provide descriptive information.)

PHELPSCORPORATION

Stockholders' Equity

choose the accounting period

December 31, 2020

For the Year Ended December 31, 2020

For the Quarter Ended December 31, 2020

select an opening name for subsection one

Additional Paid-in Capital

Capital Stock

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Capital Stock

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Paid-in Capital

Total Paid-in Capital and Retained Earnings

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a balance sheet item

$

enter a dollar amount

enter a balance sheet item

enter a dollar amount

select a closing name for subsection one

Additional Paid-in Capital

Capital Stock

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Capital Stock

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Paid-in Capital

Total Paid-in Capital and Retained Earnings

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a total amount for subsection one

select an opening name for subsection two

Additional Paid-in Capital

Capital Stock

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Capital Stock

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Paid-in Capital

Total Paid-in Capital and Retained Earnings

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a balance sheet item

$

enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a subtotal of the two previous amounts

select a summarizing line for the first part

Additional Paid-in Capital

Capital Stock

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Capital Stock

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Paid-in Capital

Total Paid-in Capital and Retained Earnings

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a total amount for the first part

enter a balance sheet item

enter a dollar amount

select a closing section name

Additional Paid-in Capital

Capital Stock

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Capital Stock

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Paid-in Capital

Total Paid-in Capital and Retained Earnings

Total Property, Plant and Equipment

Total Stockholders' Equity

$

enter a total amount for this section