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, $125 par (70,000 shares authorized, 35,000 shares issued)	$4,375,000
Paid-In Capital in Excess of ParPreferred Stock	875,000
Common Stock, $20 par (700,000 shares authorized, 280,000 shares issued)	5,600,000
Paid-In Capital in Excess of ParCommon Stock	730,000
Retained Earnings	24,550,000

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

1. Issued 70,000 shares of common stock at $23, receiving cash.
2. Issued 18,000 shares of preferred 2% stock at $145.
3. Purchased 42,000 shares of treasury common for $22 per share.
4. Sold 21,000 shares of treasury common for $25 per share.
5. Sold 14,000 shares of treasury common for $20 per share.
6. Declared cash dividends of $2.50 per share on preferred stock and $0.04 per share on common stock.
7. 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 70,000 shares of common stock at $23, receiving cash.

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b. Issued 18,000 shares of preferred 2% stock at $145.

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c. Purchased 42,000 shares of treasury common for $22 per share..

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d. Sold 21,000 shares of treasury common for $25 per share.

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e. Sold 14,000 shares of treasury common for $20 per share.

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f. Declared cash dividends of $2.5 per share on preferred stock and $0.04 per share on common stock.

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g. Paid the cash dividends.

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