Question

In: Accounting

Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...

  1. 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, $75 par (40,000 shares authorized, 20,000 shares issued) $1,500,000
    Paid-In Capital in Excess of Par—Preferred Stock 300,000
    Common Stock, $25 par (700,000 shares authorized, 320,000 shares issued) 8,000,000
    Paid-In Capital in Excess of Par—Common Stock 1,040,000
    Retained Earnings 22,981,000

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

    1. Issued 70,000 shares of common stock at $30, receiving cash.
    2. Issued 10,000 shares of preferred 2% stock at $94.
    3. Purchased 42,000 shares of treasury common for $30 per share.
    4. Sold 21,000 shares of treasury common for $33 per share.
    5. Sold 14,000 shares of treasury common for $28 per share.
    6. Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock.
    7. Paid the cash dividends.

    Journalize the entries to record the transactions.

    For a compound transaction, if an amount box does not require an entry, leave it blank.

    Required:

    a. Issued 70,000 shares of common stock at $30, receiving cash.

    b. Issued 10,000 shares of preferred 2% stock at $94.

    c. Purchased 42,000 shares of treasury common for $30 per share.

    d. Sold 21,000 shares of treasury common for $33 per share.

    e. Sold 14,000 shares of treasury common for $28 per share.

    f. Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock.

    g. Paid the cash dividends.

Solutions

Expert Solution


Related Solutions

Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
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, $150 par (70,000 shares authorized, 35,000 shares issued) $5,250,000 Paid-In Capital in Excess of Par—Preferred Stock 840,000 Common Stock, $10 par (700,000 shares authorized, 330,000 shares issued) 3,300,000 Paid-In Capital in Excess of Par—Common Stock 430,000 Retained Earnings 20,818,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
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, $200 par (50,000 shares authorized, 25,000 shares issued) $5,000,000 Paid-In Capital in Excess of Par—Preferred Stock 1,000,000 Common Stock, $10 par (500,000 shares authorized, 260,000 shares issued) 2,600,000 Paid-In Capital in Excess of Par—Common Stock 340,000 Retained Earnings 18,953,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
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 (60,000 shares authorized, 30,000 shares issued) $5,250,000 Paid-In Capital in Excess of Par—Preferred Stock 1,050,000 Common Stock, $25 par (500,000 shares authorized, 330,000 shares issued) 8,250,000 Paid-In Capital in Excess of Par—Common Stock 1,070,000 Retained Earnings 33,114,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
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, $150 par (80,000 shares authorized, 40,000 shares issued) $6,000,000 Paid-In Capital in Excess of Par—Preferred Stock 960,000 Common Stock, $15 par (800,000 shares authorized, 330,000 shares issued) 4,950,000 Paid-In Capital in Excess of Par—Common Stock 640,000 Retained Earnings 26,606,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
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 (60,000 shares authorized, 30,000 shares issued) $5,250,000 Paid-In Capital in Excess of Par—Preferred Stock 1,050,000 Common Stock, $25 par (700,000 shares authorized, 250,000 shares issued) 6,250,000 Paid-In Capital in Excess of Par—Common Stock 810,000 Retained Earnings 28,323,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
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, $150 par (80,000 shares authorized, 40,000 shares issued) $6,000,000 Paid-In Capital in Excess of Par—Preferred Stock 720,000 Common Stock, $20 par (700,000 shares authorized, 320,000 shares issued) 6,400,000 Paid-In Capital in Excess of Par—Common Stock 830,000 Retained Earnings 29,574,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
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, $200 par (30,000 shares authorized, 15,000 shares issued) $3,000,000 Paid-In Capital in Excess of Par—Preferred Stock 480,000 Common Stock, $15 par (800,000 shares authorized, 270,000 shares issued) 4,050,000 Paid-In Capital in Excess of Par—Common Stock 530,000 Retained Earnings 17,087,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
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, $200 par (40,000 shares authorized, 20,000 shares issued) $4,000,000 Paid-In Capital in Excess of Par—Preferred Stock 640,000 Common Stock, $15 par (700,000 shares authorized, 320,000 shares issued) 4,800,000 Paid-In Capital in Excess of Par—Common Stock 620,000 Retained Earnings 21,327,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are...
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of...
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current 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 Stock 184,580 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 Stock 1,590,000 Retained Earnings 31,692,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:...
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of...
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) $4,095,000 Paid-In Capital in Excess of Par—Preferred Stock 155,610 Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) 5,340,000 Paid-In Capital in Excess of Par—Common Stock 1,602,000 Retained Earnings 35,256,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT