Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued 80,000 shares of common stock at $18, receiving cash. fill in the blank bd1f4c099035fde_2 fill in the blank bd1f4c099035fde_3 fill in the blank bd1f4c099035fde_5 fill in the blank bd1f4c099035fde_6 fill in the blank bd1f4c099035fde_8 fill in the blank bd1f4c099035fde_9 b. Issued 13,000 shares of preferred 2% stock at $168. fill in the blank b01d22f7df9001a_2 fill in the blank b01d22f7df9001a_3 fill in the blank b01d22f7df9001a_5 fill in the blank b01d22f7df9001a_6 fill in the blank b01d22f7df9001a_8 fill in the blank b01d22f7df9001a_9 c. Purchased 48,000 shares of treasury common for $20 per share.. fill in the blank c20f98fdff91fa7_2 fill in the blank c20f98fdff91fa7_4 d. Sold 24,000 shares of treasury common for $23 per share. fill in the blank 882e86043fb0f86_2 fill in the blank 882e86043fb0f86_3 fill in the blank 882e86043fb0f86_5 fill in the blank 882e86043fb0f86_6 fill in the blank 882e86043fb0f86_8 fill in the blank 882e86043fb0f86_9 e. Sold 16,000 shares of treasury common for $18 per share. fill in the blank 540fa1fe207502e_2 fill in the blank 540fa1fe207502e_3 fill in the blank 540fa1fe207502e_5 fill in the blank 540fa1fe207502e_6 fill in the blank 540fa1fe207502e_8 fill in the blank 540fa1fe207502e_9 f. Declared cash dividends of $3 per share on preferred stock and $0.08 per share on common stock. fill in the blank ba0aecf4fff404e_2 fill in the blank ba0aecf4fff404e_4 g. Paid the cash dividends.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $150 par (50,000 shares authorized, 25,000 shares issued)	$3,750,000
Paid-In Capital in Excess of Par—Preferred Stock	450,000
Common Stock, $15 par (800,000 shares authorized, 220,000 shares issued)	3,300,000
Paid-In Capital in Excess of Par—Common Stock	430,000
Retained Earnings	16,812,000

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

Issued 80,000 shares of common stock at $18, receiving cash.
Issued 13,000 shares of preferred 2% stock at $168.
Purchased 48,000 shares of treasury common for $20 per share.
Sold 24,000 shares of treasury common for $23 per share.
Sold 16,000 shares of treasury common for $18 per share.
Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock.
Paid the cash dividends.

Required:

Journalize the entries to record the transactions.

For a compound transaction, if an amount box does not require an entry, leave it blank.

a. Issued 80,000 shares of common stock at $18, receiving cash.

		fill in the blank bd1f4c099035fde_2	fill in the blank bd1f4c099035fde_3
		fill in the blank bd1f4c099035fde_5	fill in the blank bd1f4c099035fde_6
		fill in the blank bd1f4c099035fde_8	fill in the blank bd1f4c099035fde_9

b. Issued 13,000 shares of preferred 2% stock at $168.

		fill in the blank b01d22f7df9001a_2	fill in the blank b01d22f7df9001a_3
		fill in the blank b01d22f7df9001a_5	fill in the blank b01d22f7df9001a_6
		fill in the blank b01d22f7df9001a_8	fill in the blank b01d22f7df9001a_9

c. Purchased 48,000 shares of treasury common for $20 per share..

		fill in the blank c20f98fdff91fa7_2
			fill in the blank c20f98fdff91fa7_4

d. Sold 24,000 shares of treasury common for $23 per share.

		fill in the blank 882e86043fb0f86_2	fill in the blank 882e86043fb0f86_3
		fill in the blank 882e86043fb0f86_5	fill in the blank 882e86043fb0f86_6
		fill in the blank 882e86043fb0f86_8	fill in the blank 882e86043fb0f86_9

e. Sold 16,000 shares of treasury common for $18 per share.

		fill in the blank 540fa1fe207502e_2	fill in the blank 540fa1fe207502e_3
		fill in the blank 540fa1fe207502e_5	fill in the blank 540fa1fe207502e_6
		fill in the blank 540fa1fe207502e_8	fill in the blank 540fa1fe207502e_9

f. Declared cash dividends of $3 per share on preferred stock and $0.08 per share on common stock.

		fill in the blank ba0aecf4fff404e_2
			fill in the blank ba0aecf4fff404e_4

g. Paid the cash dividends.

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