The following selected accounts appear in the ledger of ParksConstruction Inc. at the beginning of the current year:
| Preferred 2% Stock, $100 par (60,000 shares authorized, 30,000shares issued) | $3,000,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 600,000 |
| Common Stock, $25 par (600,000 shares authorized, 220,000shares issued) | 5,500,000 |
| Paid-In Capital in Excess of Par—Common Stock | 720,000 |
| Retained Earnings | 20,818,000 |
During the year, the corporation completed a number oftransactions affecting the stockholders' equity. They aresummarized as follows:
- Issued 60,000 shares of common stock at $28, receivingcash.
- Issued 15,000 shares of preferred 2% stock at $120.
- Purchased 36,000 shares of treasury common for $26 pershare.
- Sold 18,000 shares of treasury common for $29 per share.
- Sold 12,000 shares of treasury common for $24 per share.
- Declared cash dividends of $2.00 per share on preferred stockand $0.06 per share on common stock.
- Paid the cash dividends.
Required:
Journalize the entries to record the transactions.
For a compound transaction, if an amount box does not require anentry, leave it blank.
a. Issued 60,000 shares of common stock at $28,receiving cash.
b. Issued 15,000 shares of preferred 2% stockat $120.
c. Purchased 36,000 shares of treasury commonfor $26 per share..
d. Sold 18,000 shares of treasury common for$29 per share.
e. Sold 12,000 shares of treasury common for$24 per share.
f. Declared cash dividends of $2 per share onpreferred stock and $0.06 per share on common stock.
g. Paid the cash dividends.
