PROBLEM # 1-24 POINTS Phelps, Inc. had the following stockholders equity accounts at December 31, 2017: Common Stock, $10 par value APIC-Common Stock Retained Earnings $1,000,000 $ 300,000 $ 450,000 $1,750,000 Total Stockholders' Equity 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 $60 per share. The preferred stock has a $50 value) and pays an annual dividend of 8% 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. March 17, 2018 April 24, 2018 Issued 2,000 shares of the preferred stock for cash of $45 per share. Declared (5% stock dividend on the common stock distributable on July 1, declaration. Issued 10,000 shares of common stock for cash of $14 per share. Distributed the stock dividend declared on May 1, 2018. May 1, 2018 2018. The market price of the common stock was $15 per share on the date of June 15, 2018 July 1, 2018 September 17, 2018 the common stock. The market price Declared and distributed a 2:1 of the common stock was $16 per-share at that time. November 10, 2018 Issued 15,000 shares of common stock for cash of S7 per share. Declared the annual dividend on the preferred stock and a $1 per share dividend on the common stock. Both dividends are payable on December 15, 2018. November 30, 2018 December 15, 2018 Paid the preferred and common dividends declared on November 30, 2018. REQUIRED: 1) Prepare the journal entries needed to record the equity transactions that took place during 2018. 2) Prepare the Stockholders' Equity section of Phelp's balance sheet at December 31, 2018