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 (70,000 shares authorized, 35,000 shares issued) $3,500,000 Paid-In Capital in Excess of ParPreferred Stock 560,000 Common Stock, $15 par (500,000 shares authorized, 270,000 shares issued) 4,050,000 Paid-In Capital in Excess of ParCommon Stock 530,000 Retained Earnings 18,317,000 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 $19, receiving cash. Issued 18,000 shares of preferred 2% stock at $118. Purchased 30,000 shares of treasury common for $18 per share. Sold 15,000 shares of treasury common for $21 per share. Sold 10,000 shares of treasury common for $16 per share. Declared cash dividends of $2.00 per share on preferred stock and $0.04 per share on common stock. Paid the cash dividends.

Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $3,500,000 560,000 Preferred 2% Stock, $100 par (70,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (500,000 shares authorized, 270,000 shares issued) Paid-In Capital in Excess of Par-Common Stock 4,050,000 530,000 Retained Earnings 18,317,000 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 $19, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $118. C. Purchased 30,000 shares of treasury common for $18 per share. d. Sold 15,000 shares of treasury common for $21 per share. e. Sold 10,000 shares of treasury common for $16 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.04 per share on common stock. g. 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 50,000 shares of common stock at $19, receiving cash. Cash 950,000 Common Stock Paid-In Capital in Excess of Par-Common Stock b. Issued 18,000 shares of preferred 2% stock at $118. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock c. Purchased 30,000 shares of treasury common for $18 per share. Treasury Stock Cash d. Sold 15,000 shares of treasury common for $21 per share. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock e. Sold 10,000 shares of treasury common for $16 per share. Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock f. Declared cash dividends of $2.00 per share on preferred stock and $0.04 per share on common stock. Cash Dividends Cash Dividends Payable e. Sold 10,000 shares of treasury common for $16 per share. Cash Paid-In Capital from Sale of Treasury Stock apia from Sale of Treasury Stock Treasury Stock f. Declared cash dividends of $2.00 per share on preferred stock and $0.04 per share on common stock. Cash Dividends Cash Dividends Payable g. Paid the cash dividends. Cash Dividends Payable Cash