Reference no: EM132921757
Question - The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $200 par (30,000 shares authorized, 15,000 shares issued) $3,000,000
Paid-In Capital in Excess of Par-Preferred Stock 600,000
Common Stock, $15 par (700,000 shares authorized, 300,000 shares issued) 4,500,000
Paid-In Capital in Excess of Par-Common Stock 590,000
Retained Earnings 18,423,000
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
-Issued 70,000 shares of common stock at $19, receiving cash.
-Issued 8,000 shares of preferred 2% stock at $216.
-Purchased 42,000 shares of treasury common for $20 per share.
-Sold 21,000 shares of treasury common for $23 per share.
-Sold 14,000 shares of treasury common for $18 per share.
-Declared cash dividends of $4.00 per share on preferred stock and $0.04 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 an entry, leave it blank.