P15-1 Equity Transactions and Statement Preparation On January 5, 2017, Pheps Corporation received a charter grarting the right to issue common and preterred stock as provided below Cumulative and norparticipating preferred stock: Number of shares authorized 000 shares Par value Dvidend rate Numbar of shares authorized $100 per share Common stock 50,000 shares Par value 10 per share Pheips then complated the folowing transactions. Jan 11 Issued common stock Number of shares Issua 20,000 Feb. 1 Issued preferred stock to Sanchez Corp. for assets with the folowing S50,000 S 160,000 S 270,000 Far value of eqipmen Fair value of a factory buidng Appraised value of land Number of shares issued Ju. 29 Purchased shares of common stock (use the cost method Number of shares purchased 1,800 S 17.00 Aug. 10 Sold treasury shares Number of shres sold share 1,500 Declared cash dividend on the common stock Dec. 31 $ 0.25 Dvidend per share Deciared the preferred Closed the Income Summary account Dec. 31 Instructions: Do not show "cents" in your amounts (a) Record the journal entries for the transactions isted abave. Choose your account names from the following list: Buildngs Cash Common Stock Dividand Payable Dividend Receivable an 11 Income Summary Land Paid-n Capital from Treasury Stock Paid-n Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Preferred Stock Property, Plant and Equipment Retained Earnings Stock Dividend Distrbutable Stockholders' Equity Treasury Stock Common stock cash dvidend Preterred stock cash dvidend Dec. 31 Dec (b) Prepare the stockholders'equty section of Pheps Corporation's balance sheet as of December 31, 2017. Show any negatve numbers in parentheses. PHELPS CORPORATION Stockhoiders" Eautv Captal Stock Additional Paid-in CaDtal Total Stockholders' Eqty =