The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (80,000 shares authorized, 40,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (700,000 shares authorized, 210,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings 17,384,000 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 $21, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $120. c. Purchased 42,000 shares of treasury common for $20 per share. d. Sold 21,000 shares of treasury common for $23 per share. e. Sold 14,000 shares of treasury common for $18 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.06 per share on common stock. g. 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. $4,000,000 640,000 3,150,000 410,000 a. Issued 70,000 shares of common stock at $21, receiving cash.

The following selected accounts appear in the ledger of Parks Construction Inc, at the beginning of the current year: During the yeat, 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 $21, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $120. c. Purchased 42,000 shares of treasury common for $20 per share. d. Sold 21,000 shares of treasury common for $23 per share. e. Sold $4,000 sheres of treasury common for $18 per share. 1. Declared cash dividends of $2.00 per share on preferred stock and $0.06 per share on common stock. 9. 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 70,000 shares of common stock at $21, receiving cash