The following selected accounts appear in the ledger of Parks Construction Inc, at the beginning of the current year: Preferred 2\% Stock, $100 par (90,000 share5 authorized, 45,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par ( 500,000 shares authorized, 210,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,500,000 900,000 2,100,000 270,000 16,472,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity, They are summarized as follows: a. Issued 50,000 shares of common stock at $15, receiving cash. b. Issued 23,000 shares of preferred 2% stock at $117. c. Purchased 30,000 shares of treasury common for $11 per share. d. Sold 15,000 shares of treasury common for $14 per share. e. Sold 10,000 shares of treasury common for $9 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock. 9. Paid the cash dividends. Required: Joumalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued 50,000 shares of common stock at $15, receiving cash. Feedback TCheck My Work a. What is the company receiving for issuing the shares? At what value do the common and preferred stock accounts have to be recorded? b. Issued 23,000 shares of preferred 2% stock at $117. b. Issued 23,000 shares of preferred 2% stock at $117. Feedbich TChek My Work b. What is the company recelving for issuing the shares? At what value do the common and preferred stock accounts have to be recorded? c. Purchased 30,000 shares of treasury common for $11 per share.. Feedback 7 Check My Work c. The purchase of treasury stock is typically recorded using the cost method. d. Sold 15,000 shares of treasury common for $14 per share. Feodback T Check My Work d. What is the company selling? Pay attention to the price these shares are being sold for and the price originally paid to reacquire these shares. e. Sold 10,000 shares of treasury common for $9 per share. e. Sold 10,000 shares of treasury common for $9 per share. Feedbuck * check My Work e. What is the company selling? Pay attention to the price these shares are being sold for and the price originally paid to reacquire these shares. f. Declared cash dividends of $2 per share on preferred stock and $0.08 per share on common stock. Feedback T Check My Work f. On the date of declaration of a cash dividend, the corporation is legally obligated to pay that dividend. Keep in mind the previous stock transactions that have occurred; would these transactions have any affect on the amount of the cash dividend? 9. Paid the cash dividends