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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 60,000 shares of common stock at $22, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $220. c. Purchased 36,000 shares of treasury common for $20 per share... Show Transcribed Text d. Sold 18,000 shares of treasury common for $23 per share. S e. Sold 12,000 shares of treasury common for $18 per share. g. Paid the cash dividends. C f. Declared cash dividends of $4 per share on preferred stock and $0.04 per share on common stock. 0 0

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 60,000 shares of common stock at $22, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $220. c. Purchased 36,000 shares of treasury common for $20 per share... Show Transcribed Text d. Sold 18,000 shares of treasury common for $23 per share. S e. Sold 12,000 shares of treasury common for $18 per share. g. Paid the cash dividends. C f. Declared cash dividends of $4 per share on preferred stock and $0.04 per share on common stock. 0 0

FINANCIAL ACCOUNTING
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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Can anyone work through this stock transactions problem? & do not give solution in image format ?.

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, $200 par (30,000 shares authorized, 15,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (600,000 shares authorized, 190,000 shares issued) Pald-In Capital in Excess of Par-Common Stock Retained Earnings 13,950,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 60,000 shares of common stock at $22, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $220. $3,000,000 360,000 2,850,000 370,000 c. Purchased 36,000 shares of treasury common for $20 per share. d. Sold 18,000 shares of treasury common for $23 per share. e. Sold 12,000 shares of treasury common for $18 per share. f. Declared cash dividends of $4.00 per share on preferred stock and $0.04 per share on common stock. g. Paid the cash dividends.
Transcribed Image Text: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, $200 par (30,000 shares authorized, 15,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (600,000 shares authorized, 190,000 shares issued) Pald-In Capital in Excess of Par-Common Stock Retained Earnings 13,950,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 60,000 shares of common stock at $22, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $220. $3,000,000 360,000 2,850,000 370,000 c. Purchased 36,000 shares of treasury common for $20 per share. d. Sold 18,000 shares of treasury common for $23 per share. e. Sold 12,000 shares of treasury common for $18 per share. f. Declared cash dividends of $4.00 per share on preferred stock and $0.04 per share on common stock. g. Paid the cash dividends.
www 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 60,000 shares of common stock at $22, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $220. c. Purchased 36,000 shares of treasury common for $20 per share... Show Transcribed Text 201 d. Sold 18,000 shares of treasury common for $23 per share. e. Sold 12,000 shares of treasury common for $18 per share. ). f. Declared cash dividends of $4 per share on preferred stock and $0.04 per share on common stock. g. Paid the cash dividends.
Transcribed Image Text:www 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 60,000 shares of common stock at $22, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $220. c. Purchased 36,000 shares of treasury common for $20 per share... Show Transcribed Text 201 d. Sold 18,000 shares of treasury common for $23 per share. e. Sold 12,000 shares of treasury common for $18 per share. ). f. Declared cash dividends of $4 per share on preferred stock and $0.04 per share on common stock. g. Paid the cash dividends.
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