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, $125 par (70,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (800,000 shares authorized, 270,000 shares issued) $4,375,000 875,000 2,700,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 350,000 17,596,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 80,000 shares of common stock at $13, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $142. c. Purchased 48,000 shares of treasury common for $12 per share. d. Sold 24,000 shares of treasury common for $15 per share. e. Sold 16,000 shares of treasury common for $10 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 Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 80,000 shares of common stock at $13, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $142. Previous Next> Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 80,000 shares of common stock at $13, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $142. c. Purchased 48,000 shales of treasury common for $12 per share. d. Sold 24,000 shares of treasury common for $15 per share. e. Sold 16,000 shares of treasury common for $10 per share. c. Purchased 48,000 shares of treasury common for $12 per share. d. Sold 24,000 shares of treasury common for $15 per share. e. Sold 16,000 shares of treasury common for $10 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. 38 33 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, $125 par (70,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (800,000 shares authorized, 270,000 shares issued) $4,375,000 875,000 2,700,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 350,000 17,596,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 80,000 shares of common stock at $13, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $142. c. Purchased 48,000 shares of treasury common for $12 per share. d. Sold 24,000 shares of treasury common for $15 per share. e. Sold 16,000 shares of treasury common for $10 per share, f. Declared cash dividend of $2.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 80,000 shares of common stock at $13, receiving cash