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, $100 par (70,000 shares authorized, 35,000 shares issued) $3,500,000 Paid-In Capital in Excess of Par—Preferred Stock 420,000 Common Stock, $20 par (800,000 shares authorized, 270,000 shares issued) 5,400,000 Paid-In Capital in Excess of Par—Common Stock 700,000 Retained Earnings 21,242,000 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 $26, receiving cash. Issued 18,000 shares of preferred 2% stock at $115. Purchased 48,000 shares of treasury common for $23 per share. Sold 24,000 shares of treasury common for $26 per share. Sold 16,000 shares of treasury common for $21 per share. Declared cash dividends of $2.00 per share on preferred stock and $0.04 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 $26, receiving cash. fill in the blank a6d0cdff7fecfed_2 fill in the blank a6d0cdff7fecfed_3 fill in the blank a6d0cdff7fecfed_5 fill in the blank a6d0cdff7fecfed_6 fill in the blank a6d0cdff7fecfed_8 fill in the blank a6d0cdff7fecfed_9 b. Issued 18,000 shares of preferred 2% stock at $115. fill in the blank 1f4c7700bfeef8e_2 fill in the blank 1f4c7700bfeef8e_3 fill in the blank 1f4c7700bfeef8e_5 fill in the blank 1f4c7700bfeef8e_6 fill in the blank 1f4c7700bfeef8e_8 fill in the blank 1f4c7700bfeef8e_9 c. Purchased 48,000 shares of treasury common for $23 per share.. fill in the blank 47d937fd3f8e00d_2 fill in the blank 47d937fd3f8e00d_4 d. Sold 24,000 shares of treasury common for $26 per share. fill in the blank e04452fc9f95fd2_2 fill in the blank e04452fc9f95fd2_3 fill in the blank e04452fc9f95fd2_5 fill in the blank e04452fc9f95fd2_6 fill in the blank e04452fc9f95fd2_8 fill in the blank e04452fc9f95fd2_9 e. Sold 16,000 shares of treasury common for $21 per share. fill in the blank 9cbc9509200f078_2 fill in the blank 9cbc9509200f078_3 fill in the blank 9cbc9509200f078_5 fill in the blank 9cbc9509200f078_6 fill in the blank 9cbc9509200f078_8 fill in the blank 9cbc9509200f078_9 f. Declared cash dividends of $2 per share on preferred stock and $0.04 per share on common stock. fill in the blank 82864105dfebfcd_2 fill in the blank 82864105dfebfcd_4 g. Paid the cash dividends. fill in the blank 32941000102c057_2 fill in the blank 32941000102c057_4 Check My Work2 more Check My Work uses remaining.

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, $100 par (70,000 shares authorized, 35,000 shares issued) $3,500,000 Paid-In Capital in Excess of Par—Preferred Stock 420,000 Common Stock, $20 par (800,000 shares authorized, 270,000 shares issued) 5,400,000 Paid-In Capital in Excess of Par—Common Stock 700,000 Retained Earnings 21,242,000 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 $26, receiving cash. Issued 18,000 shares of preferred 2% stock at $115. Purchased 48,000 shares of treasury common for $23 per share. Sold 24,000 shares of treasury common for $26 per share. Sold 16,000 shares of treasury common for $21 per share. Declared cash dividends of $2.00 per share on preferred stock and $0.04 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 $26, receiving cash. fill in the blank a6d0cdff7fecfed_2 fill in the blank a6d0cdff7fecfed_3 fill in the blank a6d0cdff7fecfed_5 fill in the blank a6d0cdff7fecfed_6 fill in the blank a6d0cdff7fecfed_8 fill in the blank a6d0cdff7fecfed_9 b. Issued 18,000 shares of preferred 2% stock at $115. fill in the blank 1f4c7700bfeef8e_2 fill in the blank 1f4c7700bfeef8e_3 fill in the blank 1f4c7700bfeef8e_5 fill in the blank 1f4c7700bfeef8e_6 fill in the blank 1f4c7700bfeef8e_8 fill in the blank 1f4c7700bfeef8e_9 c. Purchased 48,000 shares of treasury common for $23 per share.. fill in the blank 47d937fd3f8e00d_2 fill in the blank 47d937fd3f8e00d_4 d. Sold 24,000 shares of treasury common for $26 per share. fill in the blank e04452fc9f95fd2_2 fill in the blank e04452fc9f95fd2_3 fill in the blank e04452fc9f95fd2_5 fill in the blank e04452fc9f95fd2_6 fill in the blank e04452fc9f95fd2_8 fill in the blank e04452fc9f95fd2_9 e. Sold 16,000 shares of treasury common for $21 per share. fill in the blank 9cbc9509200f078_2 fill in the blank 9cbc9509200f078_3 fill in the blank 9cbc9509200f078_5 fill in the blank 9cbc9509200f078_6 fill in the blank 9cbc9509200f078_8 fill in the blank 9cbc9509200f078_9 f. Declared cash dividends of $2 per share on preferred stock and $0.04 per share on common stock. fill in the blank 82864105dfebfcd_2 fill in the blank 82864105dfebfcd_4 g. Paid the cash dividends. fill in the blank 32941000102c057_2 fill in the blank 32941000102c057_4 Check My Work2 more Check My Work uses remaining.

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

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, $100 par (70,000 shares authorized, 35,000 shares issued)	$3,500,000
Paid-In Capital in Excess of Par—Preferred Stock	420,000
Common Stock, $20 par (800,000 shares authorized, 270,000 shares issued)	5,400,000
Paid-In Capital in Excess of Par—Common Stock	700,000
Retained Earnings	21,242,000

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 $26, receiving cash.
Issued 18,000 shares of preferred 2% stock at $115.
Purchased 48,000 shares of treasury common for $23 per share.
Sold 24,000 shares of treasury common for $26 per share.
Sold 16,000 shares of treasury common for $21 per share.
Declared cash dividends of $2.00 per share on preferred stock and $0.04 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 $26, receiving cash.

		fill in the blank a6d0cdff7fecfed_2	fill in the blank a6d0cdff7fecfed_3
		fill in the blank a6d0cdff7fecfed_5	fill in the blank a6d0cdff7fecfed_6
		fill in the blank a6d0cdff7fecfed_8	fill in the blank a6d0cdff7fecfed_9

b. Issued 18,000 shares of preferred 2% stock at $115.

		fill in the blank 1f4c7700bfeef8e_2	fill in the blank 1f4c7700bfeef8e_3
		fill in the blank 1f4c7700bfeef8e_5	fill in the blank 1f4c7700bfeef8e_6
		fill in the blank 1f4c7700bfeef8e_8	fill in the blank 1f4c7700bfeef8e_9

c. Purchased 48,000 shares of treasury common for $23 per share..

		fill in the blank 47d937fd3f8e00d_2
			fill in the blank 47d937fd3f8e00d_4

d. Sold 24,000 shares of treasury common for $26 per share.

		fill in the blank e04452fc9f95fd2_2	fill in the blank e04452fc9f95fd2_3
		fill in the blank e04452fc9f95fd2_5	fill in the blank e04452fc9f95fd2_6
		fill in the blank e04452fc9f95fd2_8	fill in the blank e04452fc9f95fd2_9

e. Sold 16,000 shares of treasury common for $21 per share.

		fill in the blank 9cbc9509200f078_2	fill in the blank 9cbc9509200f078_3
		fill in the blank 9cbc9509200f078_5	fill in the blank 9cbc9509200f078_6
		fill in the blank 9cbc9509200f078_8	fill in the blank 9cbc9509200f078_9

f. Declared cash dividends of $2 per share on preferred stock and $0.04 per share on common stock.

		fill in the blank 82864105dfebfcd_2
			fill in the blank 82864105dfebfcd_4

g. Paid the cash dividends.

		fill in the blank 32941000102c057_2
			fill in the blank 32941000102c057_4

Check My Work2 more Check My Work uses remaining.

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