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On January 5, 2021, Phelps Corporation received a charter granting the right to issue common...

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Accounting

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On January 5, 2021, Phelps Corporation received a charter granting the right to issue common and preferred stock as provided below: It then completed thse transactions. Instructions: (a) Record the journal entries for the transactions listed above. Common stock cash dividend Preferred stock cash dividend Total cash dividend Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2021

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