Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the higinning of the current year. Preferred 2% Stock, $75 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, S8 par (5,000,000 shares authorized, 3,000,000 shares issued) Paid-In Capital in Excess of ParCommon Stock Retained Earnings $6,000,000 420,000 24,000,000 1,850,000 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May 5 10 19 16 25 6 31 Issued 400,000 shares of common stock at $11, receiving cash. Issued 5,000 shares of preferred 2% stock at $90 Purchased 150,000 shares of treasury common for $10 per share. Sold 80,000 shares of treasury common for $13 per share. Sold 20,000 shares of treasury common for $9 per share. Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock. Paid the cash dividends. Dec. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable REVENUE 410 Sales 610 Interest Revenue 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY