f. Declared cash dividends of $2.5 per share on preferred stock and $0.1 per share on common stock. Cash Dividends Cash Dividends Payable g. Pald the cash dividends. Cash Dividends Payable Cash o Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $125 par (80,000 shares authorized, 40,000 shares issued) $5,000,000 Paid-In Capital in excess of Par--Preferred Stock 600,000 Common Stock, $20 par 600,000 shares authorized, 300,000 shares issued) 6,000,000 Paid-In Capital in Excess of Par-Common Stock 780,000 Retained Earnings 26,246,000 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 $25, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $140. c. Purchased 36,000 shares of treasury common for $22 per share. d. Sold 18,000 shares of treasury common for $25 per share. e. Sold 12,000 shares of treasury common for $20 per share 1. Declared cash dividends of $2.50 per share on preferred stock and 50.10 per share on common stock, 9. Pald the cash dividends. Required: Journalize the entries to record the transactions For a compound transaction, if an amount box does not require an entry, leave it blank, Issued 60,000 shares of common stock at $25, receiving cash. LA30.000 Cash