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

Preferred 2% Stock, $100 par (50,000 shares authorized, 25,000 shares issued)	$2,500,000
Paid-In Capital in Excess of ParPreferred Stock	400,000
Common Stock, $15 par (800,000 shares authorized, 290,000 shares issued)	4,350,000
Paid-In Capital in Excess of ParCommon Stock	570,000
Retained Earnings	16,578,000

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

1. Issued 80,000 shares of common stock at $21, receiving cash.
2. Issued 13,000 shares of preferred 2% stock at $116.
3. Purchased 48,000 shares of treasury common for $20 per share.
4. Sold 24,000 shares of treasury common for $23 per share.
5. Sold 16,000 shares of treasury common for $18 per share.
6. Declared cash dividends of $2.00 per share on preferred stock and $0.10 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 80,000 shares of common stock at $21, receiving cash.

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

b. Issued 13,000 shares of preferred 2% stock at $116.

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

c. Purchased 48,000 shares of treasury common for $20 per share.

	Treasury Stock
	Cash

d. Sold 24,000 shares of treasury common for $23 per share.

	Cash
	Treasury Stock
	Paid-In Capital from Sale of Treasury Stock

e. Sold 16,000 shares of treasury common for $18 per share.

	Cash
	Paid-In Capital from Sale of Treasury Stock
	Treasury Stock

f. Declared cash dividends of $2.00 per share on preferred stock and $0.10 per share on common stock.

	Cash Dividends
	Cash Dividends Payable

g. Paid the cash dividends.

	Cash Dividends Payable
	Cash