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Calculator Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $4,000,000 Preferred

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Calculator Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $4,000,000 Preferred 2% Stock, $200 par (40,000 shares authorized, 20,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (700,000 shares authorized, 250,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings 640,000 2,500,000 330,000 15,836,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 70,000 shares of common stock at $16, receiving cash. b. Issued 10,000 shares of preferred 2% stock at $217. c. Purchased 42,000 shares of treasury common for $11 per share. d. Sold 21,000 shares of treasury common for $14 per share. e. Sold 14,000 shares of treasury common for $9 per share. f. Declared cash dividends of $4.00 per share on preferred stock and $0.08 per share on common stock 9. Paid the cash dividends. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Required: a. Issued 70,000 shares of common stock at $16, receiving cash. All work saved. Calculator a. Issued 70,000 shares of common stock at $16, receiving cash. b. Issued 10,000 shares of preferred 2% stock at $217. c. Purchased 42,000 shares of treasury common for $11 per share. d. Sold 21,000 shares of treasury common for $14 per share. e. Sold 14,000 shares of treasury common for $9 per share. Previous All work saved. Submit Test for G d. Sold 21,000 shares of treasury common for $14 per share. e. Sold 14,000 shares of treasury common for $9 per share 1. Declared cash dividends of $4.00 per share on preferred stock and $0.08 per share on common stock. Cash Dividends Cash Dividends Payable 9. Paid the cash dividends. Cash Dividends Payable Cash Dividends Previous All work saved Submit Test for Grading

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