Problem 15-1 (Equity Transactions and Statement Presentation) On January 5, 2019, Philip Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and non-participating preference shares, and 50,000 shares of $10 par value ordinary shares. It then completed these transactions: Jan 11 Feb 1 Jul 29 Aug 10 Dec 31 Issued 20,000 ordinary shares at $16 per share. Issued to Sanchez Corp. 4,000 preference shares for the following assets: machinery with a fair value of $50,000; a factory building with a fair value of $160,000; and land with an appraised value of $270,000. Purchased 1,800 ordinary shares at $17 per share. (Use cost method) Sold the 1,800 treasury shares at $14 per share. Declared a $0.25 per share cash dividend on the ordinary shares and declared the preference dividend. Closed the Income Summary account. There was $175,700 net income. Dec 31 Instructions: (a) Prepare the journal entry for the transactions listed above.. (b) Prepare the equity section of Philip Corporation's statement of financial position as of December 31, 2019