Question

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of...

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $175 par (90,000 shares authorized, 45,000 shares issued) $7,875,000
Paid-In Capital in Excess of Par—Preferred Stock 1,575,000
Common Stock, $20 par (600,000 shares authorized, 270,000 shares issued) 5,400,000
Paid-In Capital in Excess of Par—Common Stock 700,000
Retained Earnings 32,966,000

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 $23, receiving cash.

Issued 23,000 shares of preferred 2% stock at $195.

Purchased 36,000 shares of treasury common for $24 per share.

Sold 18,000 shares of treasury common for $27 per share.

Sold 12,000 shares of treasury common for $22 per share.

Declared cash dividends of $3.50 per share on preferred stock and $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 an entry, leave it blank.

a. Issued 60,000 shares of common stock at $23, receiving cash.


b. Issued 23,000 shares of preferred 2% stock at $195.


c. Purchased 36,000 shares of treasury common for $24 per share..

d. Sold 18,000 shares of treasury common for $27 per share.

e. Sold 12,000 shares of treasury common for $22 per share.

f. Declared cash dividends of $3.5 per share on preferred stock and $0.06 per share on common stock.

g. Paid the cash dividends.

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