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P 1 5 . 1 ( LO 1 , 2 , 3 , 4 ) Excel Groupwork ( Equity Transactions and Statement Preparation ) On
PLO Excel Groupwork Equity Transactions and Statement Preparation On January Phelps Corporation received a charter granting the right to issue shares of $ par value, cumulative and nonparticipating preferred stock, and shares of $ par value common stock. It then completed these transactions. Jan. Issued shares of common stock at $ per share. Feb. Issued to Sanchez Corp. shares of preferred stock for the following assets: equipment with a fair value of $; a factory building with a fair value of $; and land with an appraised value of $
July Purchased shares of common stock at $ per share. Use cost method. Aug. Sold the treasury shares at $ per share. Dec. Declared a $ per share cash dividend on the common stock and declared the preferred dividend. Dec. Closed the Income Summary account. There was a $ net income. Instructions a Record the journal entries for the transactions listed above. b Prepare the stockholders equity section of Phelps Corporations balance sheet as of December
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