Selected stock transactions Instructions Chart of Accounts Journal Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year. Preferred 1% Stock, $50 par (100,000 shares authorized, 79,400 shares issued) Paid-In Capital in Excess of Par-Preferred Stock $3,970,000 150,860 Common Stock, $3 par (5,000,000 shares authorized, 2,100,000 shares issued) 6,300,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 1,260,000 33,959,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. 5 Issued 518,800 shares of common stock at $7, receiving cash. Feb. 10 Mar. 19 May 16 Aug. 25 Issued 9,800 shares of preferred 1% stock at $61. Purchased 48,300 shares of treasury common for $7 per share. Sold 19,500 shares of treasury common for $9 per share. Sold 5,000 shares of treasury common for $6 per share. Dec 6 31 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock Paid the cash dividends.