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, $175 por (60,000 shares authorized, 30,000 shares issued) $5,250,000 Paid-In Capital in Excess of Par-Preferred Stock 840,000 Common Stock, $25 par (500,000 shares authorized, 210,000 shares issued) 5,250,000 Paid-In Capital in Excess of Par-Common Stock 680,000 Retained Earnings 25,482,000 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 $30, receiving cash. b. Issued 15,000 shares of preferred 2% stock at $193 c. Purchased 30,000 shares of treasury common for $28 per share. d. Sold 15,000 shares of treasury common for $31 per share. e. Sold 10,000 shares of treasury common for $26 per share. 1. Declared cash dividends of $3.50 per share on preferred stock and $0.08 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 $30, receiving cash. b. Issued 15,000 shares of preferred 2% stock at $193. c. Purchased 30,000 shares of treasury common for $28 per share, d. Sold 15,000 shares of treasury common for $31 per share, d. Sold 15,000 shares of treasury common for $31 per share. 28 e. Sold 10,000 shares of treasury common for $26 per share 1. Declared cash dividends of $3.50 per share on preferred stock and $0.08 per share on common stock. 9. Paid the cash dividends Previous Next