Question 6 On January 5, 2014, Phelps Corporation received a charter granting the right to issue 5,400 shares of $101 par value, 8% cumulative and nonparticipating preferred stock, and 50,700 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 21,840 shares of common stock at $18 per share. Feb. 1 Issued to Sanchez Corp. 4,300 shares of preferred stock for the following assets: equipment with a fair value of $56,680 a factory building with a fair value of $173,400 and land with an appraised value of $331,600. July 29 Purchased 2,000 shares of common stock at $17 per share. (Use cost method.) Aug. 10 Sold the 2,000 treasury shares at $14 per share. Dec. 31 Declared a $0.35 per share cash dividend on the common stock and declared the preferred dividend Dec. 31 Closed the Income Summary account. There was a $184,970 net income. (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.) Date Account Titles and Explanation January 11 Dividends Payable 383120 Cash 383120 No Entry L February 1 July 29