Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $3,755.000 165,220 Preferred 1% Stock, S50 par (100,000 shares authorized, 75,100 shares issued) Paid-in Capital in Excess of ParPreferred Stock Common Stock, 53 par (5,000,000 shares authorized, 1,890,000 shares issued) Paid-in Capital in Excess of ParCommon Stock Retained Earnings 5,070.000 1,014,000 30,838,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 454.700 shares of common stock at 58, receiving cash. b. Issued 11,800 shares of preferred 1% stock at $81. c. Purchased 48,500 shares of treasury common for $8 per share. d. Sold 20.700 shares of treasury common for $10 per share. e Sold 5,700 shares of treasury common for $7 per share. 1. Declared cash dividends of 50.50 per share on preferred stock and So. 10 per share on common stock 9. Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Parks Construction Inc. General Ledger ASSETS REVENUE 410 Sales 810 Interest Revenue 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation Equipment EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 538 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 228 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 281 Mortgage Note Payable EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Pais-in Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-in Capital in Excess of Par-Preferred Stock 331 Pais-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends Journal Journalize the entries to record the transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? PAGE 10 JOURNAL Score: 209/224 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Dec. 31 Cash 3,657,600.00 1 2 Common Stock 1 1,364,100.00 2,273,500.00 3 1 Paid-in Capital in Excess of Par-Common Stock Dec.31 Cash 4 719,800.00 1 5 Preferred Stock 1 6 590,000.00 129,800.00 165,600.00 1 7 Dec. 31 1 Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock Paid-In Capital from Sale of Treasury Stock Cash 8 41,400.00 1 9 212,460.00 5,700.00 10 + 1: Dec 31 Paid-in Capital from Sale of Treasury Stock Treasury Stock Cash 45,600.00 12 1 212,460.00 212,460.00 13 Dec. 31 Treasury Stock 14 Cash 212,460.00 255,910.00 15 Dec. 31 Cash Dividends Payable 1 1. Cash Dividends 255,910.00 225.910.00 17 Dec. 31Cash Dividends Payable Cash 225,910.00