Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $3,500,000 Preferred 2% Stock, $100 par (70,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock 700,000 3,000,000 Common Stock, $15 par (500,000 shares authorized, 200,000 shares issued) Paid-In Capital in Excess of Par-Common Stock 390,000 Retained Earnings 16,091,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 50,000 shares of common stock at $18, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $114. c. Purchased 30,000 shares of treasury common for $19 per share. d. Sold 15,000 shares of treasury common for $22 per share. e. Sold 10,000 shares of treasury common for $17 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.04 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 50,000 shares of common stock at $18, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $114. C. Purchased 30,000 shares of treasury common for $19 per share.. o b. Issued 18,000 shares of preferred 2% stock at $114. C. Purchased 30,000 shares of treasury common for $19 per share.. d. Sold 15,000 shares of treasury common for $22 per share. e. Sold 10,000 shares of treasury common for $17 per share. f. Declared cash dividends of $2 per share on preferred stock and $0.04 per share on common stock. g. Paid the cash dividends. Previous Next