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, $10 par (700,000 shares authorized, 220,000 shares issued)	2,200,000
Paid-In Capital in Excess of ParCommon Stock	290,000
Retained Earnings	22,493,000

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 $13, receiving cash.
2. Issued 20,000 shares of preferred 2% stock at $187.
3. Purchased 42,000 shares of treasury common for $15 per share.
4. Sold 21,000 shares of treasury common for $18 per share.
5. Sold 14,000 shares of treasury common for $13 per share.
6. Declared cash dividends of $3.50 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 $13, receiving cash.

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b. Issued 20,000 shares of preferred 2% stock at $187.

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c. Purchased 42,000 shares of treasury common for $15 per share..

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d. Sold 21,000 shares of treasury common for $18 per share.

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e. Sold 14,000 shares of treasury common for $13 per share.

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f. Declared cash dividends of $3.5 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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