In: Accounting
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $200 par (70,000 shares authorized, 35,000 shares issued) | $7,000,000 |
Paid-In Capital in Excess of Par—Preferred Stock | 1,400,000 |
Common Stock, $15 par (800,000 shares authorized, 260,000 shares issued) | 3,900,000 |
Paid-In Capital in Excess of Par—Common Stock | 510,000 |
Retained Earnings | 27,157,000 |
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 $19, receiving cash.
Issued 18,000 shares of preferred 2% stock at $217.
Purchased 48,000 shares of treasury common for $20 per share.
Sold 24,000 shares of treasury common for $23 per share.
Sold 16,000 shares of treasury common for $18 per share.
Declared cash dividends of $4.00 per share on preferred stock and $0.06 per share on common stock.
Paid the cash dividends.
a. Issued 80,000 shares of common stock at $19, receiving cash.
b. Issued 18,000 shares of preferred 2% stock at $217.
c. Purchased 48,000 shares of treasury common for $20 per share.
d. Sold 24,000 shares of treasury common for $23 per share.
e. Sold 16,000 shares of treasury common for $18 per share.
f. Declared cash dividends of $4.00 per share on preferred stock and $0.06 per share on common stock.
g. Paid the cash dividends.