Business, 30.10.2021 01:00 naomicervero

On January 5, 2020, Martinez Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 46,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,700 shares of common stock at $16 per share.
Feb. 1 Issued to Sanchez Corp. 3,800 shares of preferred stock for the following assets: equipment with a fair value of $46,000; a factory building with a fair value of $160,000; and land with an appraised value of $247,000.
July 29 Purchased 1,700 shares of common stock at $16 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 $168,200 net income.

Required:
a. Record the journal entries for the transactions listed above.
b. Prepare the stockholders

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On January 5, 2020, Martinez Corporation received a charter granting the right to issue 5,400 shares...

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