The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $150 par (50,000 shares authorized, 25,000 shares issued)	$3,750,000
Paid-In Capital in Excess of ParPreferred Stock	600,000
Common Stock, $15 par (500,000 shares authorized, 330,000 shares issued)	4,950,000
Paid-In Capital in Excess of ParCommon Stock	640,000
Retained Earnings	21,073,000

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

1. Issued 50,000 shares of common stock at $20, receiving cash.
2. Issued 13,000 shares of preferred 2% stock at $167.
3. Purchased 30,000 shares of treasury common for $17 per share.
4. Sold 15,000 shares of treasury common for $20 per share.
5. Sold 10,000 shares of treasury common for $15 per share.
6. Declared cash dividends of $3.00 per share on preferred stock and $0.06 per share on common stock.
7. 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 50,000 shares of common stock at $20, receiving cash.

		fill in the blank 6fc62b036ff9039_2	fill in the blank 6fc62b036ff9039_3
		fill in the blank 6fc62b036ff9039_5	fill in the blank 6fc62b036ff9039_6
		fill in the blank 6fc62b036ff9039_8	fill in the blank 6fc62b036ff9039_9

b. Issued 13,000 shares of preferred 2% stock at $167.

		fill in the blank 78accd07401e074_2	fill in the blank 78accd07401e074_3
		fill in the blank 78accd07401e074_5	fill in the blank 78accd07401e074_6
		fill in the blank 78accd07401e074_8	fill in the blank 78accd07401e074_9

c. Purchased 30,000 shares of treasury common for $17 per share.

		fill in the blank 2c834a0e5f9207d_2
			fill in the blank 2c834a0e5f9207d_4

d. Sold 15,000 shares of treasury common for $20 per share.

		fill in the blank d249ea0a000007c_2	fill in the blank d249ea0a000007c_3
		fill in the blank d249ea0a000007c_5	fill in the blank d249ea0a000007c_6
		fill in the blank d249ea0a000007c_8	fill in the blank d249ea0a000007c_9

e. Sold 10,000 shares of treasury common for $15 per share.

		fill in the blank 0429e0fb5028ff1_2	fill in the blank 0429e0fb5028ff1_3
		fill in the blank 0429e0fb5028ff1_5	fill in the blank 0429e0fb5028ff1_6
		fill in the blank 0429e0fb5028ff1_8	fill in the blank 0429e0fb5028ff1_9

f. Declared cash dividends of $3.00 per share on preferred stock and $0.06 per share on common stock.

		fill in the blank 6e4cfef8201bfd7_2
			fill in the blank 6e4cfef8201bfd7_4

g. Paid the cash dividends.

		fill in the blank 04bc27fa0074fc7_2
			fill in the blank 04bc27fa0074fc7_4

Pacific Gas and Electric Company is a large gas and electric utility operating in northern and central California. Three recent years of financial data for Pacific Gas and Electric are as follows (in millions):

		Year 3		Year 2		Year 1
Net income		$1,450		$828		$830
Preferred dividends		14		14		14
Average number of common shares outstanding		468		444		424

a. Determine the earnings per share for Years 13. Round your answers to two decimal places.

		Year 3		Year 2		Year 1
EPS		$fill in the blank 1		$fill in the blank 2		$fill in the blank 3

b. Interpret the trend in earnings per share using horizontal analysis for the three years in terms of the change in earnings and average shares outstanding.