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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 2% Stock, $150 par (70,000 shares authorized, 35,000 shares issued) | $5,250,000 |
| Paid-In Capital in Excess of ParPreferred Stock | 630,000 |
| Common Stock, $15 par (600,000 shares authorized, 330,000 shares issued) | 4,950,000 |
| Paid-In Capital in Excess of ParCommon Stock | 640,000 |
| Retained Earnings | 24,316,000 |
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
Issued 60,000 shares of common stock at $22, receiving cash.
Issued 18,000 shares of preferred 2% stock at $164.
Purchased 36,000 shares of treasury common for $20 per share.
Sold 18,000 shares of treasury common for $23 per share.
Sold 12,000 shares of treasury common for $18 per share.
Declared cash dividends of $3.00 per share on preferred stock and $0.10 per share on common stock.
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 60,000 shares of common stock at $22, receiving cash.
b. Issued 18,000 shares of preferred 2% stock at $164.
c. Purchased 36,000 shares of treasury common for $20 per share.
d. Sold 18,000 shares of treasury common for $23 per share.
e. Sold 12,000 shares of treasury common for $18 per share.
f. Declared cash dividends of $3.00 per share on preferred stock and $0.10 per share on common stock.
g. Paid the cash dividends.
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