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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year:
Preferred 1% Stock, $50 par (100,000 shares authorized, 79,500 shares issued) | $3,975,000 |
Paid-In Capital in Excess of ParPreferred Stock | 151,050 |
Common Stock, $3 par (5,000,000 shares authorized, 2,460,000 shares issued) | 7,380,000 |
Paid-In Capital in Excess of ParCommon Stock | 1,722,000 |
Retained Earnings | 34,910,000 |
During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows:
Jan. | 5 | Issued 521,500 shares of common stock at $9, receiving cash. |
Feb. | 10 | Issued 9,100 shares of preferred 1% stock at $59. |
Mar. | 19 | Purchased 51,600 shares of treasury stock for $6 per share. |
May | 16 | Sold 18,700 shares of treasury stock for $8 per share. |
Aug. | 25 | Sold 4,800 shares of treasury stock for $5 per share. |
Dec. | 6 | Declared cash dividends of $0.50 per share on preferred stock and $0.06 per share on common stock. |
31 | Paid the cash dividends. |
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