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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Can anyone work through this stock transactions problem? & do not give solution in image format ?.
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.
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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