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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, $150 par (90,000 shares authorized, 45,000 shares issued) $6,750,000 Paid-In Capital in Excess of Par-Preferred Stock 1,080,000 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 27,390,000 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 $21, receiving cash. b. Issued 23,000 shares of preferred 2% stock at $162. c. Purchased 42,000 shares of treasury common for $19 per share. d. Sold 21,000 shares of treasury common for $22 per share. e. Sold 14,000 shares of treasury common for $17 per share. f. Declared cash dividends of $3.00 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. f. Declared cash dividends of $3 per share on preferred stock and $0.06 per share on common stock. Cash Dividends Cash Dividends Payable Feedback Check My Work f. On the date of declaration of a cash dividend, the corporation is legally obligated to pay that dividend. Keep in mind the previous stock transactions that have occurred; would these transactions have any affect on the amount of the cash dividend? g. Paid the cash dividends. Cash Dividends Payable Cash Feedback Check My Work g. What will the stockholders receive from the company on this date? Feedback

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