1. 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, $200 par (90,000 shares authorized, 45,000 shares issued)	$9,000,000
   Paid-In Capital in Excess of ParPreferred Stock	1,800,000
   Common Stock, $20 par (500,000 shares authorized, 290,000 shares issued)	5,800,000
   Paid-In Capital in Excess of ParCommon Stock	750,000
   Retained Earnings	36,782,000

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

   1. Issued 50,000 shares of common stock at $24, receiving cash.
   2. Issued 23,000 shares of preferred 2% stock at $220.
   3. Purchased 30,000 shares of treasury common for $24 per share.
   4. Sold 15,000 shares of treasury common for $27 per share.
   5. Sold 10,000 shares of treasury common for $22 per share.
   6. Declared cash dividends of $4.00 per share on preferred stock and $0.04 per share on common stock.
   7. Paid the cash dividends.

   Required:

   Journalize the entries to record the transactions.

   For a compound transaction, if an amount box does not require an entry, leave it blank.

   a. Issued 50,000 shares of common stock at $24, receiving cash.

   	Cash	fill in the blank fe5d8dfcb011040_2	fill in the blank fe5d8dfcb011040_3
   	Paid-In Capital in Excess of Par-Preferred Stock	fill in the blank fe5d8dfcb011040_5	fill in the blank fe5d8dfcb011040_6
   	Paid-In Capital in Excess of Par-Common Stock	fill in the blank fe5d8dfcb011040_8	fill in the blank fe5d8dfcb011040_9

   b. Issued 23,000 shares of preferred 2% stock at $220.

   	Cash	fill in the blank 21836a02903b05a_2	fill in the blank 21836a02903b05a_3
   	Preferred Stock	fill in the blank 21836a02903b05a_5	fill in the blank 21836a02903b05a_6
   	Paid-In Capital in Excess of Par-Preferred Stock	fill in the blank 21836a02903b05a_8	fill in the blank 21836a02903b05a_9

   c. Purchased 30,000 shares of treasury common for $24 per share..

   	Treasury Stock	fill in the blank a61c22054fc0fa2_2
   	Cash		fill in the blank a61c22054fc0fa2_4

   d. Sold 15,000 shares of treasury common for $27 per share.

   	Cash	fill in the blank 7f6a7efe3fd0fa8_2	fill in the blank 7f6a7efe3fd0fa8_3
   	Treasury Stock	fill in the blank 7f6a7efe3fd0fa8_5	fill in the blank 7f6a7efe3fd0fa8_6
   	Paid-In Capital from Sale of Treasury Stock	fill in the blank 7f6a7efe3fd0fa8_8	fill in the blank 7f6a7efe3fd0fa8_9

   e. Sold 10,000 shares of treasury common for $22 per share.

   	Cash	fill in the blank e932d5fd8f95fb9_2	fill in the blank e932d5fd8f95fb9_3
   	Paid-In Capital from Sale of Treasury Stock	fill in the blank e932d5fd8f95fb9_5	fill in the blank e932d5fd8f95fb9_6
   	Treasury Stock	fill in the blank e932d5fd8f95fb9_8	fill in the blank e932d5fd8f95fb9_9

   f. Declared cash dividends of $4 per share on preferred stock and $0.04 per share on common stock.

   	Cash Dividends	fill in the blank decda501d03ffcb_2
   	Cash Dividends Payable		fill in the blank decda501d03ffcb_4

   g. Paid the cash dividends.

   	Cash Dividends Payable	fill in the blank 0fbcc2013fadfa7_2
   	Cash		fill in the blank 0fbcc2013fadfa7_4