Show Me How ebook Print Item Calculator 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 Par-Preferred Stock 480,000 Common Stock, $20 par (700,000 shares authorized, 180,000 shares issued) 3,600,000 Paid-In Capital in Excess of Par-Common Stock 470,000 Retained Earnings 18,126,000 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 $27, receiving cash. b. Issued 10,000 shares of preferred 2% stock at $213. c. Purchased 42,000 shares of treasury common for $25 per share d. Sold 21,000 shares of treasury common for $28 per share. e. Sold 14,000 shares of treasury common for $23 per share. 1. Declared cash dividends of $4.00 per share on preferred stock and $0.04 per share on common stock 9. 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 $27. receiving cash. 700,000 X Cash Common Stock Pald-In Capital in Excess of Par-Common Stock 1,190,000 X Previous Check My Work 3 more Check My Work uses remaining KLASS OPIVOLOSA menses OnLocatorprogress Show Me How Calculator xsor Parco SK Print item P a 1,190,000 X My Wor What is the company receiving for issuing the shares? At what you do e common and preferred stock accounts have to be recorded? Learning Objective 2. Learning Objective 3 and Learning Objective 5. b. Issued 10,000 pares of preferred 2% stock at $213. Cash Preferred Stock Paid-In Capital In Excess of Par-Preferred Stock b. What is the company receiving for issuing the shares? At what we do the common and preferred stock accounts have to be recorded? Learning Objective 2. Learning Objectives and Learning Objective 5. c. Purchased 42,000 shares of treasury common for $25 per share. Treasury Stock 1,050,000 1,050,000 Cash eBook Show Me How Calculator Print Item Chacky Work C. The purchase of treasury stock is typically recorded using the cost method. Learning Objective 2. Learning Objective 3 and Learning Objective 5. d. Sold 21,000 shares of treasury common for $28 per share. Cash 588,000 Treasury Stock Pald-In Capital from Sale of Treasury Stock d. What is the company calling? Paymention to the price these shares are being sold for and the price originally paid to reacquire these shares. Learning Objective 2. Learning Objective 3 and Learning Objective 5 e. Soid 14,000 shares of treasury common for $2 per share Cash 8910 Paid-In Capital from Sale of Treasury Stock 42,000 / X Treasury Stock Previous Check My Work 3 more Chuck My Work uses remaining Show Me How Calculator Print tem What's the c ryog? Payt on to the price whare being sold for and the price originally paid to reacuire these shares Leaming Objective 2. Learning Objective and Learning Objective 5. 1. Declared cash dividends of $4.00 per share on preferred stock and $0.04 per Share on common stock Cash Dividends Cash Dividends Payable ed to pay that and k i nder s transactions that he would 1. On the date of daaration of a cash dividend the corporation Islal b transactions have con motor h ond? Laring te 2. Leaming Obiective dening Objectives 9. Paid the cash dividends, 80 x Cash Dividends Payable Cash Linge 2. Lening and Lights (Previous