The following selected accounts appear in the ledger of ParksConstruction Inc. at the beginning of the current fiscal year:Preferred 1% Stock, $50 par (100,000 shares authorized, 79,400shares issued) $3,970,000 Paid-In Capital in Excess ofPar—Preferred Stock 150,860 Common Stock, $3 par (5,000,000 sharesauthorized, 2,100,000 shares issued) 6,300,000 Paid-In Capital inExcess of Par—Common Stock 1,260,000 Retained Earnings 33,959,000During the year, the corporation completed a number of transactionsaffecting the stockholders’ equity. They are summarized as follows:Jan. 5 Issued 518,800 shares of common stock at $7, receiving cash.Feb. 10 Issued 9,800 shares of preferred 1% stock at $61. Mar. 19Purchased 48,300 shares of treasury stock for $7 per share. May 16Sold 19,500 shares of treasury stock for $9 per share. Aug. 25 Sold5,000 shares of treasury stock for $6 per share. Dec. 6 Declaredcash dividends of $0.50 per share on preferred stock and $0.08 pershare on common stock. 31 Paid the cash dividends. Journalize theentries to record the transactions. Refer to the Chart of Accountsfor exact wording of account titles.
