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 (80,000 shares authorized, 40,000 shares issued)	$7,000,000
Paid-In Capital in Excess of ParPreferred Stock	1,120,000
Common Stock, $15 par (600,000 shares authorized, 190,000 shares issued)	2,850,000
Paid-In Capital in Excess of ParCommon Stock	370,000
Retained Earnings	24,041,000

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

1. Issued 60,000 shares of common stock at $18, receiving cash.
2. Issued 20,000 shares of preferred 2% stock at $194.
3. Purchased 36,000 shares of treasury common for $17 per share.
4. Sold 18,000 shares of treasury common for $20 per share.
5. Sold 12,000 shares of treasury common for $15 per share.
6. Declared cash dividends of $3.50 per share on preferred stock and $0.08 per share on common stock.
7. Paid the cash dividends.

Journalize the entries to record the transactions.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Required:

a. Issued 60,000 shares of common stock at $18, receiving cash.

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b. Issued 20,000 shares of preferred 2% stock at $194.

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c. Purchased 36,000 shares of treasury common for $17 per share.

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d. Sold 18,000 shares of treasury common for $20 per share.

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e. Sold 12,000 shares of treasury common for $15 per share.

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f. Declared cash dividends of $3.50 per share on preferred stock and $0.08 per share on common stock.

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g. Paid the cash dividends.

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