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Business, 07.04.2020 21:26 tatertott6633

On January 5, 2020, Sheffield Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 51,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,500 shares of common stock at $15 per share. Feb. 1 Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $53,300; a factory building with a fair value of $152,000; and land with an appraised value of $295,000. July 29 Purchased 1,600 shares of common stock at $16 per share. (Use cost method.) Aug. 10 Sold the 1,600 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 $158,400 net income. Instructions: Record the journal entries for the transactions listed above. Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2010.

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On January 5, 2020, Sheffield Corporation received a charter granting the right to issue 5,100 share...
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