| On January 5, 2014, Frances Corporation received a charter granting the right to issue 5,300 shares of $101 par value, 7% cumulative and nonparticipating preferred stock, and 51,100 shares of $11 par value common stock. It then completed these transactions. Jan. 11 Issued 21,820 shares of common stock at $19 per share. Feb. 1 Issued to Sanchez Corp. 4,300 shares of preferred stock for the following assets: equipment with $55,380; a factory building with a fair value of $174,600; and land with an appraised value of July 29 Purchased 1,960 shares of common stock at $20 per share. (Use cost method.) Aug. 10 Sold the 1,960 treasury shares at $13 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 $183,000 net income. | (a) Record the journal entries for the transactions listed above. (b) Prepare the stockholders | | 
