Phelps, Inc. had the following stockholders equiry accounts at December 31, 2017 Common Stock, S10 par value $1,000,000 APIC-Common Stock S300,000 Retained Earnings $.450.000 Total Stockholders' Equity $1,750,000 During 2018, the following transactions took place: January 15, 2018 Issued 20,000 shares of common stock for cash of $14 per share February 20, 2018 Issued 3,000 shares of a new preferred stock for cash of S60 per share. The preferred stock has a $50 par value, and pays an annual dividend of 8% March 17, 2018 Issued 10,000 shares of common stock in exchange for land with an appraised value of $175,000. The common stock was selling in the market at $16 per share at that time. April 24, 2018 Issued 2,000 shares of the preferred stock for cash of $45 per share May 1, 2018 Declared a 5% stock dividend on the common stock, distributable on July 1, 2018. The market price of the common stock was $15 pet share on the date of declaration June 15, 2018 Issued 10,000 shares of common stock for cash of S14 per share. July 1, 2018 Distributed the stock dividend declared on May 1, 2018 September 17, 2018 Declared and distributed a 2:1 stock split on the common stock. The market price of the common stock was $16 per share at that time. November 10, 2018 Issued 15,000 shares of common stock for cash of $7 per share. November 30, 2018 Declared the annual dividend on the preferred stock and a S1 per share dividend on the common stock. Both dividends are payable on December 15, 2018. December 15, 2018 Paid the preferred and common dividends declared on November 30, 2018 REQUIRED: Prepare the journal entries needed to record the equity transactions that took place during 2018