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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,

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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, $100 par (90,000 shares authorized, 45,000 shares issued) $4,500,000 Paid-In Capital in Excess of Par-Preferred Stock 720,000 Common Stock, $20 par (500,000 shares authorized, 230,000 shares issued) 4,600,000 Paid In Capital in Excess of Par-Common Stock 600,000 Retained Earnings 22,090,000 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 $26, receiving cash. b. Issued 23,000 shares of preferred 2% stock at $120. c. Purchased 30,000 shares of treasury common for $24 per share. d. Sold 15,000 shares of treasury common for $27 per share. e. Sold 10,000 shares of treasury common for $22 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.06 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 $26, receiving cash b. Issued 23,000 shares of preferred 2% stock at $120. C. Purchased 30,000 shares of treasury common for $24 per share.. d. Sold 15,000 shares of treasury common for $27 per share, e. Sold 10,000 shares of treasury common for $22 per share f. Declared cash dividends of $2 per share on preferred stock and $0.06 per share on common stock. c. Purchased 30,000 shares of treasury common for $24 per share.. d. Sold 15,000 shares of treasury common for $27 per share. e. Sold 10,000 shares of treasury common for $22 per share. 8 1. Declared cash dividends of $2 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends

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