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, $125 par (70,000 shares authorized, 35,000 shares issued)	$4,375,000
Paid-In Capital in Excess of ParPreferred Stock	700,000
Common Stock, $25 par (800,000 shares authorized, 320,000 shares issued)	8,000,000
Paid-In Capital in Excess of ParCommon Stock	1,040,000
Retained Earnings	29,924,000

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

1. Issued 80,000 shares of common stock at $32, receiving cash.
2. Issued 18,000 shares of preferred 2% stock at $140.
3. Purchased 48,000 shares of treasury common for $30 per share.
4. Sold 24,000 shares of treasury common for $33 per share.
5. Sold 16,000 shares of treasury common for $28 per share.
6. Declared cash dividends of $2.50 per share on preferred stock and $0.06 per share on common stock.
7. Paid 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 80,000 shares of common stock at $32, receiving cash.

b. Issued 18,000 shares of preferred 2% stock at $140.

c. Purchased 48,000 shares of treasury common for $30 per share.

d. Sold 24,000 shares of treasury common for $33 per share.

e. Sold 16,000 shares of treasury common for $28 per share.

f. Declared cash dividends of $2.50 per share on preferred stock and $0.06 per share on common stock.

g. Paid the cash dividends.