Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, S75 par (100,000 shares authorized. 80.000 shares issued) $6.000.000 Paid-In Capital in Excess of Par-Preferred Stock 420.000 Common Stock, S8 par (5.000.000 shares authorized, 3.000.000 shares issued) 24,000,000 Paid-In Capital in Excess of Par-Common Stock 1,850.000 Retained Earnings 115.400.000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: Jan 5 Issued 400.000 shares of common stock at S11, receiving cash. Feb. 10 Issued 5,000 shares of preferred 2% stock at $90. Mar. 19 Purchased 150,000 shares of treasury common for $10 per share May 16 Sold 80,000 shares of treasury common for $13 per share Aug 25 Sold 20,000 shares of treasury common for $9 per share. Dec 6 Declared cash dividends of $1.50 per share on preferred stock and 0 06 per share on common stock. 31 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 CHART OF ACCOUNTS Parks Construction Inc. General Ledger REVENUE ASSETS 110 Cash 410 Sales 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 132 Interest Receivable 510 Cost of Goods Sold 141 Inventory 515 Credit Card Expense 145 Office Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 193 Equipment 533 Selling Expenses 194 Accumulated Depreciation Equipment 534 Rent Expense 535 Insurance Expense LIABILITIES 536 Office Supplies Expense 210 Accounts Payable 221 Notes Payable 537 Organizational Expenses 562 Depreciation Expense-Equipment 226 Interest Payable 590 Miscellaneous Expense 231 Cash Dividends Payable 710 Interest Expense 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable Chart of Accounts 193 Equipment 532 Delivery Expense 194 Accumulated Depreciation Equipment 533 Selling Expenses 534 Rent Expense LIABILITIES 535 Insurance Expense 210 Accounts Payable 536 Office Supplies Expense 221 Notes Payable 537 Organizational Expenses 226 Interest Payable 562 Depreciation Expense-Equipment 231 Cash Dividends Payable 590 Miscellaneous Expense 236 Stock Dividends Distributable 710 Interest Expense 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-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 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary Journal Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 3 . 5 so 8 9 11 12 14 15 PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 3 5 8 9 10 12 14 15 16 17 18