The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of...
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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) Paid-In Capital in Excess of Par-Preferred Stock $ 8,000,000 440,000 Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 20,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings 2,280,000 115,400,000 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. INSTRUCTIONS Journalize the entries to record the transactions. Identify each entry by letter. 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) Paid-In Capital in Excess of Par-Preferred Stock $ 8,000,000 440,000 Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 20,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings 2,280,000 115,400,000 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. INSTRUCTIONS Journalize the entries to record the transactions. Identify each entry by letter.
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a Issued 220000 shares of common stock at 514 receiving cash Cash 220000 514 112880000 Common S... View the full answer
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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