Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $8,000,000 440,000 Preferred 2% Stock, S100 par (100,000 shares authorized 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 20,000,000 2,280,000 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 220,000 shares of common stock at $14, receiving cash. 6. Issued 12,000 shares of preferred 2% stock at $110. c. Purchased 160,000 shares of treasury common for $10 per share d. Sold 105,000 shares of treasury common for $16 per share. o. Sold 40,000 shares of treasury common for $8 per sharo, 1. Declared cash dividends of $2.00 per share on preferred stock and $0.08 por share on common stock 9. Paid the cash dividends Required: Journalize the entries to record the transactions JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTA DERIT CREDIT ASSETS LITIES EQUITY 1 2 30 11 15 14 15 34 17 1 te