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, $175 par (80,000 shares authorized, 40,000 shares issued) $7,000,000 Paid-In Capital in Excess of Par—Preferred Stock 1,120,000 Common Stock, $10 par (800,000 shares authorized, 210,000 shares issued) 2,100,000 Paid-In Capital in Excess of Par—Common Stock 270,000 Retained Earnings 22,239,000 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 $13, receiving cash. Issued 20,000 shares of preferred 2% stock at $188. Purchased 48,000 shares of treasury common for $15 per share. Sold 24,000 shares of treasury common for $18 per share. Sold 16,000 shares of treasury common for $13 per share. Declared cash dividends of $3.50 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 $13, receiving cash. Cash fill in the blank 5f4686024fb5007_2 fill in the blank 5f4686024fb5007_3 Common Stock fill in the blank 5f4686024fb5007_5 fill in the blank 5f4686024fb5007_6 Paid-In Capital in Excess of Par-Common Stock fill in the blank 5f4686024fb5007_8 fill in the blank 5f4686024fb5007_9 Feedback b. Issued 20,000 shares of preferred 2% stock at $188. Cash fill in the blank 6d2e6efb805b066_2 fill in the blank 6d2e6efb805b066_3 Preferred Stock fill in the blank 6d2e6efb805b066_5 fill in the blank 6d2e6efb805b066_6 Paid-In Capital in Excess of Par-Preferred Stock fill in the blank 6d2e6efb805b066_8 fill in the blank 6d2e6efb805b066_9 Feedback c. Purchased 48,000 shares of treasury common for $15 per share.. Treasury Stock fill in the blank 4eaab504bfa5079_2 Cash fill in the blank 4eaab504bfa5079_4 Feedback d. Sold 24,000 shares of treasury common for $18 per share. Cash fill in the blank 55a764fbf031fcb_2 fill in the blank 55a764fbf031fcb_3 Treasury Stock fill in the blank 55a764fbf031fcb_5 fill in the blank 55a764fbf031fcb_6 Paid-In Capital from Sale of Treasury Stock fill in the blank 55a764fbf031fcb_8 fill in the blank 55a764fbf031fcb_9 Feedback e. Sold 16,000 shares of treasury common for $13 per share. Cash fill in the blank 301a4f02306c030_2 fill in the blank 301a4f02306c030_3 Paid-In Capital from Sale of Treasury Stock fill in the blank 301a4f02306c030_5 fill in the blank 301a4f02306c030_6 Treasury Stock fill in the blank 301a4f02306c030_8 fill in the blank 301a4f02306c030_9 Feedback f. Declared cash dividends of $3.5 per share on preferred stock and $0.08 per share on common stock. Cash Dividends fill in the blank 10554afb407afcc_2 Cash Dividends Payable fill in the blank 10554afb407afcc_4 Feedback g. Paid the cash dividends. Cash Dividends Payable fill in the blank 9f1b92f7202b06e_2 Cash fill in the blank 9f1b92f7202b06e_4

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, $175 par (80,000 shares authorized, 40,000 shares issued) $7,000,000 Paid-In Capital in Excess of Par—Preferred Stock 1,120,000 Common Stock, $10 par (800,000 shares authorized, 210,000 shares issued) 2,100,000 Paid-In Capital in Excess of Par—Common Stock 270,000 Retained Earnings 22,239,000 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 $13, receiving cash. Issued 20,000 shares of preferred 2% stock at $188. Purchased 48,000 shares of treasury common for $15 per share. Sold 24,000 shares of treasury common for $18 per share. Sold 16,000 shares of treasury common for $13 per share. Declared cash dividends of $3.50 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 $13, receiving cash. Cash fill in the blank 5f4686024fb5007_2 fill in the blank 5f4686024fb5007_3 Common Stock fill in the blank 5f4686024fb5007_5 fill in the blank 5f4686024fb5007_6 Paid-In Capital in Excess of Par-Common Stock fill in the blank 5f4686024fb5007_8 fill in the blank 5f4686024fb5007_9 Feedback b. Issued 20,000 shares of preferred 2% stock at $188. Cash fill in the blank 6d2e6efb805b066_2 fill in the blank 6d2e6efb805b066_3 Preferred Stock fill in the blank 6d2e6efb805b066_5 fill in the blank 6d2e6efb805b066_6 Paid-In Capital in Excess of Par-Preferred Stock fill in the blank 6d2e6efb805b066_8 fill in the blank 6d2e6efb805b066_9 Feedback c. Purchased 48,000 shares of treasury common for $15 per share.. Treasury Stock fill in the blank 4eaab504bfa5079_2 Cash fill in the blank 4eaab504bfa5079_4 Feedback d. Sold 24,000 shares of treasury common for $18 per share. Cash fill in the blank 55a764fbf031fcb_2 fill in the blank 55a764fbf031fcb_3 Treasury Stock fill in the blank 55a764fbf031fcb_5 fill in the blank 55a764fbf031fcb_6 Paid-In Capital from Sale of Treasury Stock fill in the blank 55a764fbf031fcb_8 fill in the blank 55a764fbf031fcb_9 Feedback e. Sold 16,000 shares of treasury common for $13 per share. Cash fill in the blank 301a4f02306c030_2 fill in the blank 301a4f02306c030_3 Paid-In Capital from Sale of Treasury Stock fill in the blank 301a4f02306c030_5 fill in the blank 301a4f02306c030_6 Treasury Stock fill in the blank 301a4f02306c030_8 fill in the blank 301a4f02306c030_9 Feedback f. Declared cash dividends of $3.5 per share on preferred stock and $0.08 per share on common stock. Cash Dividends fill in the blank 10554afb407afcc_2 Cash Dividends Payable fill in the blank 10554afb407afcc_4 Feedback g. Paid the cash dividends. Cash Dividends Payable fill in the blank 9f1b92f7202b06e_2 Cash fill in the blank 9f1b92f7202b06e_4

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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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, $175 par (80,000 shares authorized, 40,000 shares issued)	$7,000,000
Paid-In Capital in Excess of Par—Preferred Stock	1,120,000
Common Stock, $10 par (800,000 shares authorized, 210,000 shares issued)	2,100,000
Paid-In Capital in Excess of Par—Common Stock	270,000
Retained Earnings	22,239,000

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 $13, receiving cash.
Issued 20,000 shares of preferred 2% stock at $188.
Purchased 48,000 shares of treasury common for $15 per share.
Sold 24,000 shares of treasury common for $18 per share.
Sold 16,000 shares of treasury common for $13 per share.
Declared cash dividends of $3.50 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 $13, receiving cash.

Cash	fill in the blank 5f4686024fb5007_2	fill in the blank 5f4686024fb5007_3
Common Stock	fill in the blank 5f4686024fb5007_5	fill in the blank 5f4686024fb5007_6
Paid-In Capital in Excess of Par-Common Stock	fill in the blank 5f4686024fb5007_8	fill in the blank 5f4686024fb5007_9

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b. Issued 20,000 shares of preferred 2% stock at $188.

Cash	fill in the blank 6d2e6efb805b066_2	fill in the blank 6d2e6efb805b066_3
Preferred Stock	fill in the blank 6d2e6efb805b066_5	fill in the blank 6d2e6efb805b066_6
Paid-In Capital in Excess of Par-Preferred Stock	fill in the blank 6d2e6efb805b066_8	fill in the blank 6d2e6efb805b066_9

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c. Purchased 48,000 shares of treasury common for $15 per share..

	Treasury Stock	fill in the blank 4eaab504bfa5079_2
	Cash		fill in the blank 4eaab504bfa5079_4

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d. Sold 24,000 shares of treasury common for $18 per share.

Cash	fill in the blank 55a764fbf031fcb_2	fill in the blank 55a764fbf031fcb_3
Treasury Stock	fill in the blank 55a764fbf031fcb_5	fill in the blank 55a764fbf031fcb_6
Paid-In Capital from Sale of Treasury Stock	fill in the blank 55a764fbf031fcb_8	fill in the blank 55a764fbf031fcb_9

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e. Sold 16,000 shares of treasury common for $13 per share.

Cash	fill in the blank 301a4f02306c030_2	fill in the blank 301a4f02306c030_3
Paid-In Capital from Sale of Treasury Stock	fill in the blank 301a4f02306c030_5	fill in the blank 301a4f02306c030_6
Treasury Stock	fill in the blank 301a4f02306c030_8	fill in the blank 301a4f02306c030_9

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f. Declared cash dividends of $3.5 per share on preferred stock and $0.08 per share on common stock.

	Cash Dividends	fill in the blank 10554afb407afcc_2
	Cash Dividends Payable		fill in the blank 10554afb407afcc_4

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g. Paid the cash dividends.

	Cash Dividends Payable	fill in the blank 9f1b92f7202b06e_2
	Cash		fill in the blank 9f1b92f7202b06e_4

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