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, $175 par (40,000 shares authorized, 20,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock 2 Common Stock, $25 par (500,000 shares authorized, 250,000 shares issued) Paid-In Capital in Excess of Par-Common Stock $3,500,000 700,000 6,250,000 810,000 23,871,000 Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 50,000 shares of common stock at $31, receiving cash. b. Issued 10,000 shares of preferred 2% stock at $188. c. Purchased 30,000 shares of treasury common for $28 per share. d. Sold 15,000 shares of treasury common for $31 per share. e. Sold 10,000 shares of treasury common for $26 per share. f. Declared cash dividends of $3.50 per share on preferred stock and $0.08 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 50,000 shares of common stock at $31, receiving cash. Check My Work