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, $200 par (30,000 shares authorized, 15,000 shares issued) $3,000,000 Paid-In Capital in Excess of ParPreferred Stock 360,000 Common Stock, $10 par (800,000 shares authorized, 300,000 shares issued) 3,000,000 Paid-In Capital in Excess of ParCommon Stock 390,000 Retained Earnings 14,310,000

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

Issued 80,000 shares of common stock at $17, receiving cash. Issued 8,000 shares of preferred 2% stock at $213. Purchased 48,000 shares of treasury common for $13 per share. Sold 24,000 shares of treasury common for $16 per share. Sold 16,000 shares of treasury common for $11 per share. Declared cash dividends of $4.00 per share on preferred stock and $0.08 per share on common stock. 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 80,000 shares of common stock at $17, receiving cash.

b. Issued 8,000 shares of preferred 2% stock at $213.

c. Purchased 48,000 shares of treasury common for $13 per share.

d. Sold 24,000 shares of treasury common for $16 per share.

e. Sold 16,000 shares of treasury common for $11 per share.

f. Declared cash dividends of $4.00 per share on preferred stock and $0.08 per share on common stock.

g. Paid the cash dividends.