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, $200 par (40,000 shares authorized, 20,000 shares issued) $4,000,000

Paid-In Capital in Excess of ParPreferred Stock 480,000

Common Stock, $15 par (700,000 shares authorized, 330,000 shares issued) 4,950,000

Paid-In Capital in Excess of ParCommon Stock 640,000

Retained Earnings 21,348,000

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

a. Issued 70,000 shares of common stock at $20, receiving cash.

b. Issued 10,000 shares of preferred 2% stock at $218.

c. Purchased 42,000 shares of treasury common for $672,000.

d. Sold 21,000 shares of treasury common for $399,000.

e. Sold 14,000 shares of treasury common for $196,000.

f. Declared cash dividends of $4.00 per share on preferred stock and $0.12 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 70,000 shares of common stock at $20, receiving cash.

b. Issued 10,000 shares of preferred 2% stock at $218.

c. Purchased 42,000 shares of treasury common for $672,000.

d. Sold 21,000 shares of treasury common for $399,000.

e. Sold 14,000 shares of treasury common for $196,000.

f. Declared cash dividends of $4.00 per share on preferred stock and $0.12 per share on common stock.

g. Paid the cash dividends.