ellook Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $200 par (30,000 shares authorized, 15,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (600,000 shares authorized, 320,000 shares issued) $3,000,000 480,000 4,600,000 620,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 18,868,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity, They are summarized as follows: a. Issued 60,000 shares of common stock at $19, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $218. c. Purchased 36,000 shares of treasury common for $17 per share. d. Sold 18,000 shares of treasury common for $20 per share. e. Sold 12,000 shares of treasury common for $15 per share. f. Declared cash dividends of $4.00 per share on preferred stock and $0.06 per share on common stock. 9. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank a. Issued 60,000 shares of common stock at $19, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $218. c. Purchased 36,000 shares of treasury common for $17 per share. d. Sold 18,000 shares of treasury common for $20 per share. e. Sold 12,000 shares of treasury common for $15 per share.. e. Sold 12,000 shares of treasury common for $15 per share. f. Declared cash dividends of $4.00 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. 38 Check My Work 3 more Check My Work uses remaining. Previous Next