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 (40,000 shares authorized, 20,000 shares issued)	$4,000,000
Paid-In Capital in Excess of ParPreferred Stock	640,000
Common Stock, $15 par (700,000 shares authorized, 230,000 shares issued)	3,450,000
Paid-In Capital in Excess of ParCommon Stock	450,000
Retained Earnings	18,105,000

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 $18, receiving cash.
2. Issued 10,000 shares of preferred 2% stock at $216.
3. Purchased 42,000 shares of treasury common for $19 per share.
4. Sold 21,000 shares of treasury common for $22 per share.
5. Sold 14,000 shares of treasury common for $17 per share.
6. Declared cash dividends of $4.00 per share on preferred stock and $0.10 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 $18, receiving cash.

b. Issued 10,000 shares of preferred 2% stock at $216.

c. Purchased 42,000 shares of treasury common for $19 per share..

d. Sold 21,000 shares of treasury common for $22 per share.

e. Sold 14,000 shares of treasury common for $17 per share.

f. Declared cash dividends of $4 per share on preferred stock and $0.1 per share on common stock.

g. Paid the cash dividends.