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 Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock $8,000,000 440,000 20,000,000 2,280,000 115,400,000 Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follow 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. d. Sold 110,000 shares of treasury common for $14 per share. e. Sold 30,000 shares of treasury common for $8 per share. f Declared cash dividends of $1.25 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 titles. JOURNAL Score: 216/224 ACCOUNTING EQUATION POST, REF CREDIT A SSETS BUTES EQUITY DATE Dec 31 DEBT 240000000 DESCRIPTION Cash Paid-in Capital in Excess of Par Common Stock Common Stock 1,400,000.00 1,000,000.00 Dec 31 Cash 92000000 Preferred Stock Paid in Capital in Excess of Pu Preferred Stock 800.000.00 120,000.00 Dec 31 Treasury Stock 1.750,000.00 Cash 1,750,000.00 Dec 31 Casa 15400000 Treasury Stock 1,100,000.00 440,000.00 Paid-in Capital from Sale of Treasury Stock Dec 31 Cash 240.000.00 Paid-in Capital from Sale of Treasury Stock 60,000.00 Treasury Stock 300.000.00 Dec 31 Cash Dividends 45.200.00 155.2000 Cash Dividends Payable Cash Dividends Payable Dec 31 155.000.00 155.2000