pPR. 12-03.Algo

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 (90,000 shares authorized, 45,000 shares issued) $3,375,000 Paid-In Capital in Excess of Par-Preferred Stock 405,000 Common Stock, $10 par (600,000 shares authorized, 270,000 shares issued) 2,700,000 Paid-In Capital in Excess of Par-Common Stock 350,000 Retained Earnings 14,480,000 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 $15, receiving cash. b. Issued 23,000 shares of preferred 2% stock at $89. c. Purchased 36,000 shares of treasury common for $11 per share, d. Sold 18,000 shares of treasury common for $14 per share. e. Sold 12,000 shares of treasury commop for $9 per share. 1. Declared cash dividends of $1.50 per share on preferred stock and $0.08 per share on common stock, 9. Pald the cash dividends. Journalize the entries to record the transactions For a compound transaction, if an amount box does not require an entry, leave it blank Required: a. Issued 60,000 shares of common stock at $15, receiving cash. > 89 b. Issued 23,000 shares of preferred 2% stock at $89. Check My Work 2 more Check My Work uses remaining HW 18 b. Issued 23,000 shares of preferred 2% stock at $89. 59 c. Purchased 36,000 shares of treasury common for $11 per share. d. Sold 18,000 shares of treasury common for $14 per share. > e. Sold 12,000 shares of treasury common for $9 per share. 9 1. Declared cash dividends of $1.50 per share on preferred stock and $0.08 per share on common stock 9. Pald the cash dividends. o Check My Work 2 more Check My Work uses remaining, Previn