1. 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	750,000
   Common Stock, $10 par (700,000 shares authorized, 330,000 shares issued)	3,300,000
   Paid-In Capital in Excess of ParCommon Stock	430,000
   Retained Earnings	17,448,000

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

   1. Issued 70,000 shares of common stock at $13, receiving cash.
   2. Issued 13,000 shares of preferred 2% stock at $164.
   3. Purchased 42,000 shares of treasury common for $12 per share.
   4. Sold 21,000 shares of treasury common for $15 per share.
   5. Sold 14,000 shares of treasury common for $10 per share.
   6. Declared cash dividends of $3.00 per share on preferred stock and $0.08 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 70,000 shares of common stock at $13, receiving cash.

   		fill in the blank 300e56fd0ffffea_2	fill in the blank 300e56fd0ffffea_3
   		fill in the blank 300e56fd0ffffea_5	fill in the blank 300e56fd0ffffea_6
   		fill in the blank 300e56fd0ffffea_8	fill in the blank 300e56fd0ffffea_9

   b. Issued 13,000 shares of preferred 2% stock at $164.

   		fill in the blank 2427d603002fff0_2	fill in the blank 2427d603002fff0_3
   		fill in the blank 2427d603002fff0_5	fill in the blank 2427d603002fff0_6
   		fill in the blank 2427d603002fff0_8	fill in the blank 2427d603002fff0_9

   c. Purchased 42,000 shares of treasury common for $12 per share.

   		fill in the blank 2d4457fc7fa5fed_2
   			fill in the blank 2d4457fc7fa5fed_4

   d. Sold 21,000 shares of treasury common for $15 per share.

   		fill in the blank 47dd62fcaff5fc0_2	fill in the blank 47dd62fcaff5fc0_3
   		fill in the blank 47dd62fcaff5fc0_5	fill in the blank 47dd62fcaff5fc0_6
   		fill in the blank 47dd62fcaff5fc0_8	fill in the blank 47dd62fcaff5fc0_9

   e. Sold 14,000 shares of treasury common for $10 per share.

   		fill in the blank f239a5fd8fd3fa3_2	fill in the blank f239a5fd8fd3fa3_3
   		fill in the blank f239a5fd8fd3fa3_5	fill in the blank f239a5fd8fd3fa3_6
   		fill in the blank f239a5fd8fd3fa3_8	fill in the blank f239a5fd8fd3fa3_9

   f. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock.

   		fill in the blank b96c450b6fa1001_2
   			fill in the blank b96c450b6fa1001_4

   g. Paid the cash dividends.

   		fill in the blank 3b941eff107c03b_2
   			fill in the blank 3b941eff107c03b_4

Check My Work