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On January 5, 2020, Vaughn Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 45.800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,900 shares of common stock at $16 per share Feb: 1 Issued to Sanchez Corp. 3,700 shares of preferred stock for the following assets: equipment with a fair value of $49.900: a factory building with a fair value of $147,000; and land with an appraised value of $256,000. July 29 Purchased 2,000 shares of common stock at $15 per share. (Use cost method) Aug. 10 Sold the 2,000 treasury shares at $13 per share. Dec 31 Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividerid. Dec 31 Closed the Income Summary account. There was a $179,600 net income. Record the journal entries for the transactions listed above. (Credit account tities are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record entries in the order displayed in the problem statement. Round answers to decimal places, eg. $5,275.) Account Titles and Explanation Debit Credit Date Jan 11 Cash 334400 Common Stock 209000 Paid in Capital in Excess of Par - Common Stock 125400 b. 1 Equipment 49900 Buildings 147000 Land 256000 Preferred Stock 370000 Paid-in Capital in Excess of Par-Preferred Stock 82900 July 29 Treasury Stock 26000 Cash 26000 Land 256000 Preferred Stock 370000 Paid-in Capital in Excess of Par-Preferred Stock 82900 July 29 Treasury Stock 26000 Cash 26000 5. 10 Cash 30000 Retained Earnings -4000 Treasury Stock 26000 Dec 31 Retained Earnings 34260 Dividends Payable 34260 Dec 31 Income Summary 179600 Retained Earnings 179600