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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, $75 par (30,000 shares authorized, 15,000 shares issued)	$1,125,000
Paid-In Capital in Excess of ParPreferred Stock	225,000
Common Stock, $10 par (500,000 shares authorized, 200,000 shares issued)	2,000,000
Paid-In Capital in Excess of ParCommon Stock	260,000
Retained Earnings	7,653,000

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

Issued 50,000 shares of common stock at $14, receiving cash.

Issued 8,000 shares of preferred 2% stock at $95.

Purchased 30,000 shares of treasury common for $15 per share.

Sold 15,000 shares of treasury common for $18 per share.

Sold 10,000 shares of treasury common for $13 per share.

Declared cash dividends of $1.50 per share on preferred stock and $0.08 per share on common stock.

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 50,000 shares of common stock at $14, receiving cash.

b. Issued 8,000 shares of preferred 2% stock at $95.

c. Purchased 30,000 shares of treasury common for $15 per share.

d. Sold 15,000 shares of treasury common for $18 per share.

e. Sold 10,000 shares of treasury common for $13 per share.

f. Declared cash dividends of $1.50 per share on preferred stock and $0.08 per share on common stock.

g. Paid the cash dividends.

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