Equity transactions and statement preparationon 5th january

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Reference no: EM13370754

Equity Transactions and Statement Preparation

On 5^th January, 2010, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8 percent cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par cost common stock. It then completed these transactions.

Jan. 11 Issued 20,000 shares of common stock at $16 per share.

Feb. 1 Issued to Sanchez Corp. 4,000 shares of preferred stock for subsequent assets: machinery with a fair market value of $50,000; a factory building with a fair market value of $160,000; and land with an appraised value of $270,000.

July 29 Purchased 1,800 shares of common stock at $17 per share.

Aug. 10 Sold the 1,800 treasury shares at $14 per share.

Dec. 31 Declared a $0.25 per share cash dividend on common stock and declared preferred dividend.

Dec. 31 Closed the Income Summary account. There was a $175,700 net income.

Reference no: EM13370754

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