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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of...

The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year:

Preferred 1% Stock, $50 par (100,000 shares authorized, 79,500 shares issued) $3,975,000
Paid-In Capital in Excess of Par—Preferred Stock 151,050
Common Stock, $3 par (5,000,000 shares authorized, 2,460,000 shares issued) 7,380,000
Paid-In Capital in Excess of Par—Common Stock 1,722,000
Retained Earnings 34,910,000

During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:

Jan. 5 Issued 521,500 shares of common stock at $9, receiving cash.
Feb. 10 Issued 9,100 shares of preferred 1% stock at $59.
Mar. 19 Purchased 51,600 shares of treasury common for $6 per share.
May 16 Sold 18,700 shares of treasury common for $8 per share.
Aug. 25 Sold 4,800 shares of treasury common for $5 per share.
Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.06 per share on common stock.
31 Paid the cash dividends.

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ekkarill92 answered 1 year ago
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