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 600,000 Common Stock, $25 par (600,000 shares authorized, 270,000 shares issued) 6,750,000 Paid In Capital in Excess of ParCommon Stock 880,000 Retained Earnings 23,808,000 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 $30, receiving cash Issued 20,000 shares of preferred 2 stock at $94 Purchased 36,000 shares of treasury common for $29 per share Sold 18,000 shares of treasury common for $32 per share Sold 12,000 shares of treasury common for $27 per share Declared cash dividends of $1 50 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 a Issued 60,000 shares of common stock at $30, receiving cash 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 b Issued 20,000 shares of preferred 2 stock at $94 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 c Purchased 36,000 shares of treasury common for $29 per share 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 d Sold 18,000 shares of treasury common for $32 per share 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 e Sold 12,000 shares of treasury common for $27 per share 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 f Declared cash dividends of $1 50 per share on preferred stock and $0 10 per share on common stock CashCash DividendsCash Dividends PayableCommon StockTreasury Stock Select Select CashCash DividendsCash Dividends PayableCommon StockTreasury Stock Select Select g Paid the cash dividends CashCash DividendsCash Dividends PayableCommon StockTreasury Stock Select Select CashCash DividendsCash Dividends PayableCommon StockTreasury Stock Select Select

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Posted on Sep 28, 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, $75 par (80,000 shares authorized, 40,000 shares issued)	$3,000,000
Paid-In Capital in Excess of ParPreferred Stock	600,000
Common Stock, $25 par (600,000 shares authorized, 270,000 shares issued)	6,750,000
Paid-In Capital in Excess of ParCommon Stock	880,000
Retained Earnings	23,808,000

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 $30, receiving cash.
Issued 20,000 shares of preferred 2% stock at $94.
Purchased 36,000 shares of treasury common for $29 per share.
Sold 18,000 shares of treasury common for $32 per share.
Sold 12,000 shares of treasury common for $27 per share.
Declared cash dividends of $1.50 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.

a. Issued 60,000 shares of common stock at $30, receiving cash.

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 -

b. Issued 20,000 shares of preferred 2% stock at $94.

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 -

c. Purchased 36,000 shares of treasury common for $29 per share.

	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 -

d. Sold 18,000 shares of treasury common for $32 per share.

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 -

e. Sold 12,000 shares of treasury common for $27 per share.

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 -

f. Declared cash dividends of $1.50 per share on preferred stock and $0.10 per share on common stock.

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

g. Paid the cash dividends.

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