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, $150 par (80,000 shares authorized, 40,000 shares issued)	$6,000,000
Paid-In Capital in Excess of ParPreferred Stock	720,000
Common Stock, $20 par (700,000 shares authorized, 320,000 shares issued)	6,400,000
Paid-In Capital in Excess of ParCommon Stock	830,000
Retained Earnings	29,574,000

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

1. Issued 70,000 shares of common stock at $25, receiving cash.
2. Issued 20,000 shares of preferred 2% stock at $169.
3. Purchased 42,000 shares of treasury common for $24 per share.
4. Sold 21,000 shares of treasury common for $27 per share.
5. Sold 14,000 shares of treasury common for $22 per share.
6. Declared cash dividends of $3.00 per share on preferred stock and $0.04 per share on common stock.
7. 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 70,000 shares of common stock at $25, receiving cash.

b. Issued 20,000 shares of preferred 2% stock at $169.

c. Purchased 42,000 shares of treasury common for $24 per share.

d. Sold 21,000 shares of treasury common for $27 per share.

e. Sold 14,000 shares of treasury common for $22 per share.

f. Declared cash dividends of $3.00 per share on preferred stock and $0.04 per share on common stock.

g. Paid the cash dividends.