Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc at the beginning of the current year Preferred 2 Stock, $75 par (80,000 shares authorized, 40,000 shares issued) $3,000,000 Paid In Capital in Excess of ParPreferred Stock 360,000 Common Stock, $15 par (600,000 shares authorized, 210,000 shares issued) 3,150,000 Paid In Capital in Excess of ParCommon Stock 410,000 Retained Earnings 14,670,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity They are summarized as follows Issued 60,000 shares of common stock at $21, receiving cash Issued 20,000 shares of preferred 2 stock at $94 Purchased 36,000 shares of treasury common for $19 per share Sold 18,000 shares of treasury common for $22 per share Sold 12,000 shares of treasury common for $17 per share Declared cash dividends of $1 50 per share on preferred stock and $0 04 per share on common stock Paid the cash dividends Required Journalize the entries to record the transactions If an amount box does not require an entry, leave it blank b Issued 20,000 shares of preferred 2 stock at $94 c Purchased 36,000 shares of treasury common for $19 per share d Sold 18,000 shares of treasury common for $22 per share d Sold 18,000 shares of treasury common for $22 per share e Sold 12,000 shares of treasury common for $17 per share f Declared cash dividends of $1 50 per share on preferred stock and $0 04 per share on common stock g Paid the cash dividends

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Posted on Sep 17, 2024

Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock,

Selected Stock Transactions

The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $75 par (80,000 shares authorized, 40,000 shares issued)	$3,000,000
Paid-In Capital in Excess of ParPreferred Stock	360,000
Common Stock, $15 par (600,000 shares authorized, 210,000 shares issued)	3,150,000
Paid-In Capital in Excess of ParCommon Stock	410,000
Retained Earnings	14,670,000

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

Issued 60,000 shares of common stock at $21, receiving cash.
Issued 20,000 shares of preferred 2% stock at $94.
Purchased 36,000 shares of treasury common for $19 per share.
Sold 18,000 shares of treasury common for $22 per share.
Sold 12,000 shares of treasury common for $17 per share.
Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock.
Paid the cash dividends.

Required:

Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank.

b. Issued 20,000 shares of preferred 2% stock at $94. c. Purchased 36,000 shares of treasury common for $19 per share. d. Sold 18,000 shares of treasury common for $22 per share. d. Sold 18,000 shares of treasury common for $22 per share. e. Sold 12,000 shares of treasury common for $17 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock. g. Paid the cash dividends