The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 83,900 shares issued)$4,195,000 Paid-In Capital in Excess of Par—Preferred Stock184,580 Common Stock, $3 par (5,000,000 shares authorized, 2,120,000 shares issued)6,360,000 Paid-In Capital in Excess of Par—Common Stock1,590,000 Retained Earnings31,692,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: Journalize the entries to record the transactions. Should equal 18 lines. Jan. 5 Issued 467,700 shares of common stock at $9, receiving cash. Feb. 10 Issued 10,700 shares of preferred 1% stock at $62. Mar. 19 Purchased 53,000 shares of treasury stock for $6 per share. May 16 Sold 20,000 shares of treasury stock for $8 per share. Aug. 25 Sold 5,200 shares of treasury stock for $5 per share. Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. 31 Paid the cash dividends.
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 83,900 shares issued)$4,195,000 Paid-In Capital in Excess of Par—Preferred Stock184,580 Common Stock, $3 par (5,000,000 shares authorized, 2,120,000 shares issued)6,360,000 Paid-In Capital in Excess of Par—Common Stock1,590,000 Retained Earnings31,692,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: Journalize the entries to record the transactions. Should equal 18 lines. Jan. 5 Issued 467,700 shares of common stock at $9, receiving cash. Feb. 10 Issued 10,700 shares of preferred 1% stock at $62. Mar. 19 Purchased 53,000 shares of treasury stock for $6 per share. May 16 Sold 20,000 shares of treasury stock for $8 per share. Aug. 25 Sold 5,200 shares of treasury stock for $5 per share. Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. 31 Paid the cash dividends.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year:
Preferred 1% Stock, $50 par (100,000 shares authorized, 83,900 shares issued)$4,195,000
Paid-In Capital in Excess of Par—Preferred Stock184,580
Common Stock, $3 par (5,000,000 shares authorized, 2,120,000 shares issued)6,360,000
Paid-In Capital in Excess of Par—Common Stock1,590,000
Retained Earnings31,692,000
During the year, the corporation completed a number of transactions affecting the
| Jan. | 5 | Issued 467,700 shares of common stock at $9, receiving cash. |
| Feb. | 10 | Issued 10,700 shares of preferred 1% stock at $62. |
| Mar. | 19 | Purchased 53,000 shares of |
| May | 16 | Sold 20,000 shares of treasury stock for $8 per share. |
| Aug. | 25 | Sold 5,200 shares of treasury stock for $5 per share. |
| Dec. | 6 | Declared cash dividends of $0.50 per share on |
| 31 | Paid the cash dividends. |
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