Instructions Journal PAGE 10 The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current JOURNAL ACCOUNTING EQUATION year DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 $3,970,000 Preferred 1% Stock, $50 par (100,000 shares authorized, 79,400 shares issued) Paid-In Capital in Excess of Par-Preferred Stock 150,860 2 Common Stock, $3 par (5,000,000 shares authorized, 2,100,000 shares issued) 6.300.000 3 Paid-In Capital in Excess of Par-Common Stock 1,260,000 4 Retained Earnings 33.959,000 5 6 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: 7 8 Jan. 5 Issued 518,800 shares of common stock at $7, receiving cash. 9 Feb. 10 10 Issued 9,800 shares of preferred 1% stock at $61. Purchased 48,300 shares of treasury common for $7 per share. Mar. 19 11 May 16 Sold 19,500 shares of treasury common for $9 per share. 12 Aug 25 13 Dec 6 Sold 5,000 shares of treasury common for $6 per share. Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. 14 31 15 16 17 18