Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year. Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock $8,000,000 440,000 Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) 20,000,000 Paid-In Capital in Excess of Par-Common Stock 2,280,000 Retained Earnings 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 200,000 shares of common stock at $12, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $115. c. Purchased 175.000 shares of treasury common for $10 per share.