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, $100 par (80,000 shares authorized, 40,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $20 par (700,000 shares authorized, 330,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,000,000 640,000 6,600,000 860,000 25,652,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as fa a. Issued 70,000 shares of common stock at $23, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $118. c. Purchased 42,000 shares of treasury common for $21 per share. d. Sold 21,000 shares of treasury common for $24 per share. e. Sold 14,000 shares of treasury common for $19 per share. f. Declared cash dividends of $2.00 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. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued 70,000 shares of common stock at $23, receiving cash. Cash x x < 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 70,000 shares of common stock at $23, receiving cash. Cash V Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback x Check My Work a. What is the company receiving for issuing the shares? At what value do the common and preferred stock accounts ha b. Issued 20,000 shares of preferred 2% stock at $118. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock c. Purchased 42,000 shares of treasury common for $21 per share... Treasury Stock Cash Feedback Check My Work c. The repurchase price of treasury stock becomes the new base value recorded as a debit to Treasury Stock and a credit to Cash. d. Sold 21,000 shares of treasury common for $24 per share. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock 88 Feedback Check My Work d. What is the company selling? Pay attention to the price these shares are being sold for and the price originally paid to reacquire these s e. Sold 14,000 shares of treasury common for $19 per share. Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock Feedback Check My Work e. What is the company selling? Pay attention to the price these shares are being sold for and the price originally paid to reacq f. Declared cash dividends of $2 per share on preferred stock and $0.06 per share on common stock. Cash Dividends Cash Dividends Payable Feedback Check My Work f. On the date of declaration of a cash dividend, the corporation is legally obligated to pay that dividend. Keep in mind the previo g. Paid the cash dividends. Cash Dividends Payable Cash Feedback Check My Work g. What will the stockholders receive from the company on this date? Feedback Check My Work Partially correct