< Stock Transactions Parks Construction Inc. had the following selected account balances as of January 1, the beginning of the current accounting period (year): Preferred Noncumulative 2% Stock, $100 par (100,000 shares authorized, 80,000 shares outstanding) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares ou standing) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $8,000,000. 440,000 20,000,000 2,280,000 115,400,000 During the year ended December 31, Parks Construction Inc. completed the following transactions affecting stockholders' equity. Mar. 10. Apr. 8. Aug. Issued 200,000 shares of common stock at $12 per share, receiving cash. Issued 8,000 shares of preferred 2% stock at $115 per share. 22. Purchased 175,000 shares of treasury common for $10 per share. Sept. 19. Sold 110,000 shares of treasury common for $14 per share. Nov. 30. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock. 15. Paid the cash dividends. 2. Prepare the "Stockholders' Equity" section of the balance sheet on December 31. Assume Parks Construction Inc. had net income of $750,000 for the year. Contributed capital: Parks Construction Inc. Stockholders' Equity Section of the Balance Sheet December 31 Preferred noncumulative 2% stock, $100 par (100,000 shares authorized, 88,000 shares issued) Paid-in capital in excess of par-preferred stock Common stock, $5 par (5,000,000 shares authorized, 4,200,000 shares issued, 4,135,000 shares outstanding) Paid-in capital in excess of par-common stock Paid-in capital from sale of treasury stock Total contributed capital Retained earnings Total Deduct treasury stock (65,000 shares at $10) Total stockholders' equity Feedback Check My Work Report the paid-in capital, retained earnings, and treasury stock separately. Recall that paid-in capital can include stock, the Previous Next x