SelectedStockTransactions

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $75 par (50,000 shares authorized, 25,000 shares issued)$1,875,000Paid-In Capital in Excess of ParPreferred Stock225,000Common Stock, $25 par (500,000 shares authorized, 260,000 shares issued)6,500,000Paid-In Capital in Excess of ParCommon Stock850,000Retained Earnings20,034,000

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

1. Issued 50,000 shares of common stock at $30, receiving cash.
2. Issued 13,000 shares of preferred 2% stock at $92.
3. Purchased 30,000 shares of treasury common for $28 per share.
4. Sold 15,000 shares of treasury common for $31 per share.
5. Sold 10,000 shares of treasury common for $26 per share.
6. Declared cash dividends of $1.50 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 50,000 shares ofcommon stockat $30, receiving cash.

Cash

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Common Stock

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Paid-In Capital in Excess of Par-Common Stock

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b.Issued 13,000 shares of preferred 2% stock at $92.

Cash

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Preferred Stock

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Paid-In Capital in Excess of Par-Preferred Stock

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c.Purchased 30,000 shares of treasury common for $28 per share..

Treasury Stock

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Cash

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d.Sold 15,000 shares of treasury common for $31 per share.

Cash

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Treasury Stock

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Paid-In Capital from Sale of Treasury Stock

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e.Sold 10,000 shares of treasury common for $26 per share.

Cash

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Paid-In Capital from Sale of Treasury Stock

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Treasury Stock

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f.Declared cashdividendsof $1.5 per share onpreferred stockand $0.04 per share on common stock.

Cash Dividends

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Cash Dividends Payable

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g.Paid thecash dividends.

Cash Dividends Payable

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Cash

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