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The following selected accounts appear in the ledger of Parks Construction Inc at the beginning of the current year Preferred 2% Stock $75 par 100000 shares authorized 80000 shares issued

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $75 par (100,000 shares authorized, 80,000 shares issued) . . . . $ 6,000,000 Paid-In Capital in Excess of Par-Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420,000 Common Stock, $8 par (5,000,000 shares authorized, 3,000,000 shares issued) . . . . 24,000,000 Paid-In Capital in Excess of Par-Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,850,000 Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 400,000 shares of common stock at $11, receiving cash. b. Issued 5,000 shares of preferred 2% stock at $90. c. Purchased 150,000 shares of treasury common for $10 per share. d. Sold 80,000 shares of treasury common for $13 per share. e. Sold 20,000 shares of treasury common for $9 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.

Apr 11 2020 View more View Less

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