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, $75 par (40,000 shares authorized, 20,000 shares issued)	$1,500,000
Paid-In Capital in Excess of ParPreferred Stock	300,000
Common Stock, $25 par (800,000 shares authorized, 260,000 shares issued)	6,500,000
Paid-In Capital in Excess of ParCommon Stock	850,000
Retained Earnings	19,398,000

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

Issued 80,000 shares of common stock at $28, receiving cash.

Issued 10,000 shares of preferred 2% stock at $93.

Purchased 48,000 shares of treasury common for $28 per share.

Sold 24,000 shares of treasury common for $31 per share.

Sold 16,000 shares of treasury common for $26 per share.

Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock.

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 80,000 shares of common stock at $28, receiving cash. b. Issued 10,000 shares or preferred 2% stock at $93 c. Purchased 48,000 shares of treasury common for $28 per share.. d. Sold 24,000 shares of treasury common for $31 per share. e. Sold 16,000 shares of treasury common for s26 per share f. Deciared cash dividends of s1.5 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends