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Hello, I've been out of class ill. So, I'm behind in my accounting course. I need help with this accounting question. Selected stock transactions PR
Hello, I've been out of class ill. So, I'm behind in my accounting course. I need help with this accounting question.
Selected stock transactions PR 13-3A The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: OBJ. 3, 4,6 s, 6,000,000 420,000 Preferred 2% Stock, $75 par (100,000 shares authorized, 80,000 shares issued). . . . . . . . Paid-In Capital in Excess of Common Stock, $8 par (5,000,000 shares authorized, 3,000,000 shares issued)......24,000,000 Paid-In Capital in Excess of Par Common Stock... . . . . . . . . . .. . .. .. . . . .. . . . 1,850,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 400,000 shares of common stock at $11, receiving cash. b. Issued 5,000 shares of preferred 2% stock at $90. c. Purchased 150,000 shares of treasury common for $10 per share d. Sold 80,000 shares of treasury common for $13 per share. e. Sold 20,000 shares of treasury common for $9 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letterStep by Step Solution
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