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, $150 par (40,000 shares authorized, 20,000 shares issued)	$3,000,000
Paid-In Capital in Excess of ParPreferred Stock	480,000
Common Stock, $10 par (700,000 shares authorized, 330,000 shares issued)	3,300,000
Paid-In Capital in Excess of ParCommon Stock	430,000
Retained Earnings	15,285,000

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

Issued 70,000 shares of common stock at $16, receiving cash.

Issued 10,000 shares of preferred 2% stock at $167.

Purchased 42,000 shares of treasury common for $12 per share.

Sold 21,000 shares of treasury common for $15 per share.

Sold 14,000 shares of treasury common for $10 per share.

Declared cash dividends of $3.00 per share on preferred stock and $0.10 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.

Question Content Area

a. Issued 70,000 shares of common stock at $16, receiving cash.

blank	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital in Excess of Par-Preferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	Paid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockRetained EarningsTreasury Stock	- Select -	- Select -

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b. Issued 10,000 shares of preferred 2% stock at $167.

blank	CashPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashPaid-In Capital in Excess of Par-Common StockPreferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Preferred StockRetained EarningsTreasury Stock	- Select -	- Select -

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c. Purchased 42,000 shares of treasury common for $12 per share.

blank	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -

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d. Sold 21,000 shares of treasury common for $15 per share.

blank	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital In Excess of Par Value-Common StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockGain from Sale of Treasury StockPaid-In Capital from Sale of Treasury StockRetained Earnings	- Select -	- Select -

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e. Sold 14,000 shares of treasury common for $10 per share.

blank	CashCommon StockPaid-In Capital in Excess of Par Value-Common StockRetained EarningsTreasury Stock	- Select -	- Select -
	Common StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Preferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -

Question Content Area

f. Declared cash dividends of $3.00 per share on preferred stock and $0.10 per share on common stock.

blank	CashCash DividendsCash Dividends PayableCommon StockTreasury Stock	- Select -	- Select -
	CashCash DividendsCash Dividends PayableCommon StockTreasury Stock	- Select -	- Select -

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g. Paid the cash dividends.

blank	CashCash DividendsCash Dividends PayableCommon StockTreasury Stock	- Select -	- Select -
	CashCash DividendsCash Dividends PayableCommon StockTreasury Stock	- Select -	- Select -