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

Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued)	$8,000,000
Paid-In Capital in Excess of ParPreferred Stock	440,000
Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued)	20,000,000
Paid-In Capital in Excess of ParCommon Stock	2,280,000
Retained Earnings	115,400,000

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

a.	Issued 220,000 shares of common stock at $14, receiving cash.
b.	Issued 12,000 shares of preferred 2% stock at $110.
c.	Purchased 160,000 shares of treasury common for $10 per share.
d.	Sold 105,000 shares of treasury common for $16 per share.
e.	Sold 40,000 shares of treasury common for $8 per share.
f.	Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock.
g.	Paid the cash dividends.

Required:

Journalize the entries to record the transactions.

General Journal

Shaded cells have feedback.

Journalize the entries to record the transactions on December 31.

General Journal Instructions

How does grading work?

PAGE 10

JOURNAL

ACCOUNTING EQUATION

Score: 163/224

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18