Selected Stock Transactions

The following selected accounts appear in the ledger of Patton Environmental Inc. on July 1, 2014, the beginning of the current fiscal year:

Preferred 2% Stock, $175 par (50,000 shares authorized, 25,000 shares issued)	$4,375,000
Paid-In Capital in Excess of ParPreferred Stock	875,000
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	30,888,000

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

Issued 50,000 shares of common stock at $30, receiving cash.

Issued 13,000 shares of preferred 2% stock at $194.

Purchased 30,000 shares of treasury common for $840,000.

Sold 15,000 shares of treasury common for $465,000.

Sold 10,000 shares of treasury common for $260,000.

Declared cash dividends of $3.50 per share on preferred stock and $0.12 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.

a. Issued 50,000 shares of common stock at $30, receiving cash.

Cash _1500000_________ __$0__________

Common Stock ____$0_____ ___________

Paid-In Capital in Excess of Par-Preferred Stock___$0_______ _____________

b. Issued 13,000 shares of preferred 2% stock at $194.

Cash ______ _$0______

Preferred stock___$0____ _______

Paid-in-capital in excess__$0____ _________

c. Purchased 30,000 shares of treasury common for $840,000.

______ __840000_______

________ ___840000_______

f. Declared cash dividends of $3.50 per share on preferred stock and $0.12 per share on common stock.

__________ ___________

_____________ ______________

g. Paid the cash dividends.

______ ________

_______ __________