Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $3,000,000 600,000 Preferred 2% Stock, $100 par (60,000 shares authorized, 30,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $20 par (800,000 shares authorized, 180,000 shares issued) Paid-In Capital in Excess of Par-Common Stock 3,600,000 470,000 Retained Earnings 16,260,000 During the year, the corporation completed number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 80,000 shares of common stock at $24, receiving cash. b. Issued 15,000 shares of preferred 2% stock at $114. c. Purchased 48,000 shares of treasury common for $25 per share. d. Sold 24,000 shares of treasury common for $28 per share. e. Sold 16,000 shares of treasury common for $23 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.04 per share on common stock. g. 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 $24, receiving cash. b. Issued 15,000 shares of preferred 2% stock at $114. c. Purchased 48,000 shares of treasury common for $25 per share. d. Sold 24,000 shares of treasury common for $28 per share. e. Sold 16,000 shares of treasury common for $23 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.04 per share on common stock. g. Paid the cash dividends. d. Sold 24,000 shares of treasury common for $28 per share. Cash Common Stock Paid-In Capital from Sale of Treasury Stock on for $23 per share. Retained Earnings Treasury Stock