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, 79,400 shares issued)$3,970,000Paid-In Capital in Excess of Par—Preferred Stock150,860Common Stock, $3 par (5,000,000 shares authorized, 2,100,000 shares issued)6,300,000Paid-In Capital in Excess of Par—Common Stock1,260,000Retained Earnings33,959,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:a.Issued 518,800 shares of common stock at $7, receiving cash.b.Issued 9,800 shares of preferred 1% stock at $61.c.Purchased 48,300 shares of treasury common for $7 per share.d.Sold 19,500 shares of treasury common for $9 per share.e.Sold 5,000 shares of treasury common for $6 per share.f.Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock.g.Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Chapters 10 and 11 HOMEWORK XCengageNOWv2| Online teachin xhttps://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres..Chapter 12 HomeworkеBookShow Me HowPrint ItemJournalJournalize the entries to record the transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.PAGE 10JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY12345676:14 PM2 Type here to search78°F9/25/20212-- KNCTR exe - Application Frrorם

Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Answered: The following selected accounts appear…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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, 79,400 shares issued)	$3,970,000
Paid-In Capital in Excess of Par—Preferred Stock	150,860
Common Stock, $3 par (5,000,000 shares authorized, 2,100,000 shares issued)	6,300,000
Paid-In Capital in Excess of Par—Common Stock	1,260,000
Retained Earnings	33,959,000

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

a.	Issued 518,800 shares of common stock at $7, receiving cash.
b.	Issued 9,800 shares of preferred 1% stock at $61.
c.	Purchased 48,300 shares of treasury common for $7 per share.
d.	Sold 19,500 shares of treasury common for $9 per share.
e.	Sold 5,000 shares of treasury common for $6 per share.
f.	Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock.
g.	Paid the cash dividends.