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 (60,000 shares authorized, 30,000 shares issued)	$5,250,000
Paid-In Capital in Excess of ParPreferred Stock	1,050,000
Common Stock, $25 par (500,000 shares authorized, 330,000 shares issued)	8,250,000
Paid-In Capital in Excess of ParCommon Stock	1,070,000
Retained Earnings	33,114,000

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

1. Issued 50,000 shares of common stock at $31, receiving cash.
2. Issued 15,000 shares of preferred 2% stock at $190.
3. Purchased 30,000 shares of treasury common for $29 per share.
4. Sold 15,000 shares of treasury common for $32 per share.
5. Sold 10,000 shares of treasury common for $27 per share.
6. Declared cash dividends of $3.50 per share on preferred stock and $0.10 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 50,000 shares of common stock at $31, receiving cash.

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b. Issued 15,000 shares of preferred 2% stock at $190.

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c. Purchased 30,000 shares of treasury common for $29 per share..

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d. Sold 15,000 shares of treasury common for $32 per share.

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e. Sold 10,000 shares of treasury common for $27 per share.

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f. Declared cash dividends of $3.5 per share on preferred stock and $0.1 per share on common stock.

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g. Paid the cash dividends.

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