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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par
The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,095,000 155,610 5,340,000 1,602,000 35,256,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. 5 Issued 493,300 shares of common stock at $7, receiving cash. Feb. 10 issued 8,800 shares of preferred 1% stock at $60. Mar 19 Purchased 46,700 shares of treasury common for $7 per share. May 16 Sold 18,400 shares of treasury common for S9 per share. Aug. 25 Sold 4,900 shares of treasury common for $6 per share. Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock 31 Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles
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