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30.000 Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $75 par (80,000 shares authorized, 40,000 $1.000.000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock 350.000 Common Stock, $25 par (600,000 shares authorized, 300,000 7.500.000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings 25.101.000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 60,000 shares of common stock at $29, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $90. c. Purchased 36,000 shares of treasury common for $29 per share. d. Sold 18,000 shares of treasury common for $32 per share. e. Sold 12,000 shares of treasury common for $27 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.08 per share on common stock. 9. Paid the cash dividends. Required: Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued 60,000 shares of common stock at $29, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $90. Feedback b. What is the company receiving for issuing the shares? At what value do the common and preferred stock accounts have to be recorded? c. Purchased 36,000 shares of treasury common for $29 per share.. Feedback c. The repurchase price of treasury stock becomes the new base value recorded as a debit to Treasury Stock and a credit to Cash. d. Sold 18,000 shares of treasury common for $32 per share. Feedback d. What is the company selling? Pay attention to the price these shares are being sold for and the price originally paid to reacquire these shares e. Sold 12,000 shares of treasury common for $27 per share. Feedback e. What is the company selling? Pay attention to the price these shares are being sold for and the price originally paid to reacquire these shares. f. Declared cash dividends of $1.5 per share on preferred stock and $0.08 per share on common stock. Feedback 1. On the date of declaration of a cash dividend, the corporation is legally obligated to pay that dividend. Keep in mind the previous stock transactions that have occurred; would these transactions have any affect on the amount of the cash dividend? 9. Paid the cash dividends. Feedback