On January 5, 2021, Phelps Corporation received a charter granting the right to is 10% $5.00 Jan 8 Feb 1 3 B 5 5 7 Jul 29 Aug 10 Dec 15 10,000 shares of cumulative and nonparticipating preferred stock, and par value common stock. It then completed these transactions. Issued 20,000 shares of common stock at Issued to Sanchez Corp. 4,000 Equipment with a fair market value of A factory building with a fair market value of value of $155,000 and, land with an appraised Purchased 1,800 shares of common stock at (Use the cost method.) Sold the 1,500 Declared a 15% Dec 31 is $58 Declared a $0.40 declared the preferred dividend. Dec 31 Closed the Income Summary account. There was a $30.00 50,000 $19 per share. shares of preferred stock for the following: $65,000 par value, shares of $40 $250,000 per share. treasury shares at stock dividend for common per share. Shares are per share cash dividend on the common stock and $32 per share. stockholders. Stock price issed. $1,470,700 net income. Instructions: (a) Record the joumal entries for the transactions listed above. (b) Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2021.