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Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $175 par (70,000 shares authorized, 35,000 shares issued) Paid In Capital in excess of Par-Preferred Stock Common Stock, $10 par (700,000 shares authorized, 290,00 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 70,000 shares of common stock at $13, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $193. c. Purchased 42,000 shares of treasury common for $13 per share. d. Sold 21,000 shares of treasury common for $16 per share. e. Sold 14,000 shares of treasury common for $11 per share. f. Declared cash dividends of $3.50 per share on preferred stock and $0.06 per share on common stock. 9. 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 70,000 shares of common stock at $13, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $193. c. Purchased 42,000 shares of treasury common for $13
require an entry, leave it blank. Required: a. Issued 70,000 shares of common stock at $13, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $193. C. Purchased 42,000 shares of treasury common for $13 per share. d. Sold 21,000 shares of treasury common for $16 per share. e. Sold 14,000 shares of treasury common for $11 per share. f. Declared cash dividends of $3.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Check My Work 2 more Check My Works maining < Previous
require an entry, leave it blank. Required: a. Issued 70,000 shares of common stock at $13, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $193. c. Purchased 42,000 shares of treasury common for $13 per share. d. Sold 21,000 shares of treasury common for $16 per share. e. Sold 14,000 shares of treasury common for $11 per share. 59 f. Declared cash dividends of $3.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends.