appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) $3,755,000 Paid-In Capital in Excess of Par-Preferred Stock 165,220 Common Stock, $3 par (5,000,000 shares authorized, 1,690,000 shares issued) 5,070,000 Paid-In Capital in Excess of Par-Common Stock 1,014,000 Retained Earnings 30,836,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 454,700 shares of common stock at $8, receiving cash. b. Issued 11,800 shares of preferred 1% stock at $61. C. Purchased 46,500 shares of treasury common for S8 per share. d. Sold 20,700 shares of treasury common for $10 per share. e. Sold 5,700 shares of treasury common for $7 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. Paid the cash dividends
appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) $3,755,000 Paid-In Capital in Excess of Par-Preferred Stock 165,220 Common Stock, $3 par (5,000,000 shares authorized, 1,690,000 shares issued) 5,070,000 Paid-In Capital in Excess of Par-Common Stock 1,014,000 Retained Earnings 30,836,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 454,700 shares of common stock at $8, receiving cash. b. Issued 11,800 shares of preferred 1% stock at $61. C. Purchased 46,500 shares of treasury common for S8 per share. d. Sold 20,700 shares of treasury common for $10 per share. e. Sold 5,700 shares of treasury common for $7 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. Paid the cash dividends
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...
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