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, 79,500 shares issued) $3,975,000 Paid-In Capital in Excess of Par-Preferred Stock 151,050 7,380,000 Common Stock, $3 par (5,000,000 shares authorized, 2,460,000 shares issued) Paid-In Capital in Excess of Par-Common Stock 1,722,000 Retained Earnings 34,910,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 521,500 shares of common stock at $9, receiving cash. b. Issued 9,100 shares of preferred 1% stock at $59. c. Purchased 51,600 shares of treasury common for $6 per share. d. Sold 18,700 shares of treasury common for $8 per share. e. Sold 4,800 shares of treasury common for $5 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Journal Journalize the entries to record the transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 10 13 14 15 16 17 18