Problem 15-1 On January 5, 2014, Phelps Corporation received a charter granting the right to issue 5,400 shares of $104 par value, 6% cumulative and nonparticipating preferred stock, and 51,800 shares of $11 par value common stock. It then completed these transactions. Issued 20,100 shares of common stock at $17 per share Issued to Sanchez Corp. 4,600 shares of preferred stock for the following assets: equipment with a fair value of $57,610; a factory building with a fair value of $168,700; and land with an appraised value of $332,700. Purchased 2,000 shares of common stock at $18 per share. (Use cost method.) Sold the 2,000 treasury shares at $15 per share. Declared a $0.35 per share cash dividend on the common stock and declared the preferred dividend Closed the Income Summary account. There was a $182,470 net income Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Dec. 31 (a) Record the journal entries for the transactions listed above. (Credit account titles 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 0 for the amounts. Record entries in the order displayed in the problem statement. Round answers to O decimal places, e.g. $5,275.)