Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year. Preferred 296 Stock, $75 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $8 par (5,000,000 shares authorized, 3,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $6,000,000 420,000 24,000,000 1,850,000 115,400,000 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 $11, receiving cash. Feb. 10 issued 5,000 shares of preferred 2% stock at S90. Mar 19 Purchased 150,000 shares of treasury common for S10 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 S9 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