Reference no: EM13600381

ccounting 232, Edition 24, PR13-3A page 616 The following selected accounts appear in the ledger of Patton Environmental Inc. on July 1, 2012, the beingging of the current fiscal year: Preferred 2% stock, $75 par (40,000 shares authorized, 20,000 shares issued).......$1,500,000 Paid in capital in excess of Par- Preferred stock..............................................................240,000 Common stock, $15 par (500,000 shares authorized, 260,000 shares issued)............3,900,000 Paid-In Capital in excess of Par- Common Stock............................................................400,000 Retained Earnings.......................................................................................................12,750,000 During the year, the corporation completed a number of transactions affecting the stockholers' equity. They are summarized as follows:

a. Issued 50,000 shares of common stock at $20, receiving cash.

b. Issued 10,000 shares of preferred 2% stock at $92.

c. Purchased 30,000 shares of tresury common for $480,000.

d. Sold 15,000 shares of tresury common for $322,500.

e. Sold 10,000 shares of tresury common for $155,000.

f. declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock.

g. Paid the cash dividends. Instructions: Journalize the entries to record the transactions. Identify each entry by letter.