On January 5, 2020, Novak Corporation received a charter granting the right to issue 4,800 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 46,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,200 shares of common stock at $14 per share. Feb. 1 Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $54,700; a factory building with a fair value of $156,000; and land with an appraised value of $293,000. July 29 Purchased 1,700 shares of common stock at $17 per share. (Use cost method.) Aug. 10 Sold the 1,700 treasury shares at $15 per share. Dec. 31 Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $181,300 net income. Record the journal entries for the transactions listed above.
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