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Instructions The following selected accounts appear in the ledger of Parks Construction Inc at the beginning of the current year Preferred 1% Stock, $50

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Instructions The following selected accounts appear in the ledger of Parks Construction Inc at the beginning of the current year Preferred 1% Stock, $50 par (100,000 shares authorized, 79,400 shares issued) Paid-In Capital in Excess of Par--Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,100,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earings $3,970,000 150,860 6,300,000 1,260,000 33,959,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: < a. Issued 518,800 shares of common stock at $7, receiving cash. b. Issued 9,800 shares of preferred 1% stock at $61. c. Purchased 48,300 shares of treasury common for $7 per share. d. Sold 19,500 shares of treasury common for $9 per share. e. Sold 5,000 shares of treasury common for 56 per share f. Declared cash dividends of $0.50 per share on preferred stock and $0 08 per share on common stock g. Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account bites

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