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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $3,980,000 159,200 Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) Paid-In Capital in Excess of Par-Common Stock 5,610,000 1,215,500 Retained Earnings 31,497,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 532,900 shares of common stock at $9, receiving cash. b. Issued 11,000 shares of preferred 1% stock at $58. c. Purchased 45,400 shares of treasury common for $8 per share. d. Sold 21,400 shares of treasury common for $10 per share. e. Sold 4,300 shares of treasury common for $7 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.07 per share on common stock. g. Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DATE Dec. 31' Cash Common Stock DEBIT 4,796,100.00 1,598,700.00 Paid-In Capital in Excess of Par-Common Stock 3,197,400.00 Dec. 31 Cash 638,000.00 Preferred Stock 550,000.00 88,000.00 Paid-In Capital in Excess of Par-Preferred Stock Treasury Stock Dec. 31 363,200.00 Cash 363,200.00 Dec. 31 Cash 214,000.00 171,200.00 Treasury Stock Paid-In Capital from Sale of Treasury Stock Dec. 31Cash 42,800.00 30,100.00 4,300.00 Paid-In Capital from Sale of Treasury Stock Treasury Stock Dec. 31 Cash 34,400.00 41,424.00 Cash Dividends Payable 41,424.00 Dec. 31 Cash Dividends Payable 41,424.00 Cash 41,424.00

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