P15-1 (Equity Transactions and Statement Preparation) On January 5, 2014, Phelps Corporation
received a charter granting the right to issue			5,000	shares of	$100.00	par value,
8%	cumulative and nonparticipating preferred stock, and				50,000	shares of
$10.00	par value common stock. It then completed these transactions.
Jan 11	Issued	20,000	shares of common stock at		$16	per share.
Feb 1	Issued to Sanchez Corp.		4,000	shares of preferred stock for the following assets:
	Equipment with a fair market value of			$50,000
	A factory building with a fair market value of					$160,000
	and land with an appraised value of			$270,000
Jul 29	Purchased	1,800	shares of common stock at		$17	per share.
	(Use the cost method.)
Aug 10	Sold the	1,800	treasury shares at		$14	per share.
Dec 31	Declared a	$0.25	per share cash dividend on the common stock and
	declared the preferred dividend.
Dec 31	Closed the Income Summary account. There was a				$175,700	net income.
Instructions:
(a) Record the journal entries for the transactions listed above. (b) Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2014.