Selected stock transactions Chart of Accounts Journal Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, S50 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,000,000 75,000 6,000,000 1,500,000 32,350,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. 5 Issued 500,000 shares of common stock at $8, receiving cash Feb. 10 issued 10,000 shares of preferred 1% stock at S60. Mar. 19 Purchased 50,000 shares of treasury common for $7 per share. May 16 Sold 20,000 shares of treasury common for $9 per share. Aug. 25 Sold 5,000 shares of treasury common for S6 per share. Dec. 6 Declared cash dividends of SO.50 per share on preferred stock and So.08 per share on common stock