The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:

During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:

a. Issued 220,000 shares of common stock at $15, receiving cash.
b. Issued 6,000 shares of preferred 2% stock at $94.
c. Purchased 130,000 shares of treasury common for $19 per share.
d. Sold 70,000 shares of treasury common for $23 per share.
e. Sold 40,000 shares of treasury common for $17 per share.
f. Declared cash dividends of $1.60 per share on preferred stock and $0.14 per share on common stock.
g. Paid the cash dividends.

Instructions
Journalize the entries to record the transactions. Identify each entry by letter.

Transcribed Image Text:

Preferred 29% Stock, $80 par (200,000 shares authorized, 65,000 shares issued).... Paid-In Capital in Excess of Par-Preferred Stock.. . Common Stock, $12 par (3,000,000 shares authorized, 1,400,000 shares issued). Paid-In Capital in Excess of Par-Common Stock... Retained Earnings.. $ 5,200,000 360,000 16,800,000 1,290,000 110,900,000