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, $200 par (60,000 shares authorized, 30,000 shares issued)	$6,000,000
Paid-In Capital in Excess of ParPreferred Stock	720,000
Common Stock, $15 par (700,000 shares authorized, 210,000 shares issued)	3,150,000
Paid-In Capital in Excess of ParCommon Stock	410,000
Retained Earnings	21,794,000

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 $20, receiving cash.
2. Issued 15,000 shares of preferred 2% stock at $214.
3. Purchased 42,000 shares of treasury common for $18 per share.
4. Sold 21,000 shares of treasury common for $21 per share.
5. Sold 14,000 shares of treasury common for $16 per share.
6. Declared cash dividends of $4.00 per share on preferred stock and $0.04 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 70,000 shares of common stock at $20, receiving cash. b. Issued 15,000 shares of preferred 2% stock at $214. C. Purchased 42,000 shares of treasury common for $18 per share.. d. Sold 21,000 shares of treasury common for $21 per share. e. Sold 14,000 shares of treasury common for $16 per share. 88 f. Declared cash dividends of $4 per share on preferred stock and $0.04 per share on common stock. 9. Paid the cash dividends