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, $150 par (40,000 shares authorized, 20,000 shares issued)$3,000,000Paid In Capital in Excess of ParPreferred Stock360,000Common Stock, $20 par (500,000 shares authorized, 190,000 shares issued)3,800,000Paid In Capital in Excess of ParCommon Stock490,000Retained Earnings16,218,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity They are summarized as follows Issued 50,000 shares of common stock at $24, receiving cash Issued 10,000 shares of preferred 2 stock at $164 Purchased 30,000 shares of treasury common for $25 per share Sold 15,000 shares of treasury common for $28 per share Sold 10,000 shares of treasury common for $23 per share Declared cash dividends of $3 00 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

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 23, 2024

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,

SelectedStockTransactions

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $150 par (40,000 shares authorized, 20,000 shares issued)$3,000,000Paid-In Capital in Excess of ParPreferred Stock360,000Common Stock, $20 par (500,000 shares authorized, 190,000 shares issued)3,800,000Paid-In Capital in Excess of ParCommon Stock490,000Retained Earnings16,218,000

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

Issued 50,000 shares of common stock at $24, receiving cash.
Issued 10,000 shares of preferred 2% stock at $164.
Purchased 30,000 shares of treasury common for $25 per share.
Sold 15,000 shares of treasury common for $28 per share.
Sold 10,000 shares of treasury common for $23 per share.
Declared cash dividends of $3.00 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.