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, $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 32,669,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 50,000 shares of common stock at $28, receiving cash. Issued 18,000 shares of preferred 2% stock at $170. Purchased 30,000 shares of treasury common for $30 per share. Sold 15,000 shares of treasury common for $33 per share. Sold 10,000 shares of treasury common for $28 per share. Declared cash dividends of $3.00 per share on preferred stock and $0.04 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank
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, $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 32,669,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 50,000 shares of common stock at $28, receiving cash. Issued 18,000 shares of preferred 2% stock at $170. Purchased 30,000 shares of treasury common for $30 per share. Sold 15,000 shares of treasury common for $33 per share. Sold 10,000 shares of treasury common for $28 per share. Declared cash dividends of $3.00 per share on preferred stock and $0.04 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...
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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— |
840,000 |
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 |
32,669,000 |
During the year, the corporation completed a number of transactions affecting the
- Issued 50,000 shares of common stock at $28, receiving cash.
- Issued 18,000 shares of preferred 2% stock at $170.
- Purchased 30,000 shares of treasury common for $30 per share.
- Sold 15,000 shares of treasury common for $33 per share.
- Sold 10,000 shares of treasury common for $28 per share.
- Declared cash dividends of $3.00 per share on preferred stock and $0.04 per share on common stock.
- Paid the cash dividends.
Required:
For a compound transaction, if an amount box does not require an entry, leave it blank.
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