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 shares authorized, $45,000$ shares issued$)$

Paid$-$In Capital in Excess of Par$-$Preferred Stock

Common Stock, $$10$ par $(800,000$ shares authorized, $210,000$ shares issued$)$

Paid$-$In Capital in Excess of Par$-$Common Stock

Retained Earnings

$$3,375,000$

$405,000$

$2,100,000$

$270,000$

$13,038,000$

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

a$.$ Issued $80,000$ shares of common stock at $$16,$ receiving cash.

b$.$ Issued $23,000$ shares of preferred $2\%$ stock at $$90.$

c$.$ Purchased $48,000$ shares of treasury common for $$11$ per share.

d$.$ Sold $24,000$ shares of treasury common for $$14$ per share.

e$.$ Sold $16,000$ shares of treasury common for $$9$ per share.

f$.$ Declared cash dividends of $$1\mathrm{.}50$ per share on preferred stock and $$0\mathrm{.}10$ 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 $80,000$ shares of common stock at $$16,$ receiving cash.

$$

Common Stock

Paid$-$In Capital in Excess of Par$-$Common Stock

Solve for part F and G