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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000

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

Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) $3,980,000
Paid-In Capital in Excess of ParPreferred Stock 159,200
Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) 5,610,000
Paid-In Capital in Excess of ParCommon Stock 1,215,500
Retained Earnings 31,497,000

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

Jan. 5 Issued 532,900 shares of common stock at $9, receiving cash.
Feb. 10 Issued 11,000 shares of preferred 1% stock at $58.
Mar. 19 Purchased 45,400 shares of treasury common for $8 per share.
May 16 Sold 21,400 shares of treasury common for $10 per share.
Aug. 25 Sold 4,300 shares of treasury common for $7 per share.
Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.07 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.

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION

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