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

Preferred $2\%$ Stock, $$175$ par shares authorized, $35,000$ shares issued$)$

$$6,125,000$

Paid$-$In Capital in Excess of Par$-$Preferred Stock

Common Stock, $$10$ par $(700,000$ shares authorized, $310,000$ shares issued$)$

$735,000$

Paid$-$In Capital in Excess of Par$-$Common Stock

$3,100,000$

$400,000$

Retained Earnings

$21,963,000$

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 $$16,$ receiving cash.

b$.$ Issued $18,000$ shares of preferred $2\%$ stock at $$188.$

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

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

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

f$.$ Declared cash dividends of $$3\mathrm{.}50$ per share on preferred stock and $$0\mathrm{.}06$ per share on common stock.

g$.$ Paid the cash dividends.

Journalize the entries to record the transactions.

F$.$ Declared cash dividends of $$3\mathrm{.}50$ per share on preferred stock and $$0\mathrm{.}06$ per share on common stock.

Cash Dividends $$

Cash Dividends Payable $$

$x$

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f$.$ On the date of declaration of a cash dividend, the corporation is legally obligated to pay that dividend. Keep in mind the previous

occurred; would these transactions have any affect on the amount of the cash dividend?

Learning Objective $2,$ Learning Objective $4$ and Learning Objective $5.$

g$.$ Paid the cash dividends.