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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:
Jan. 5 Issued 493,300 shares of common stock at $7, receiving cash.
Feb. 10 Issued 8,800 shares of preferred 1% stock at $60.
Mar. 19 Purchased 46,700 shares of treasury common for $7 per share.
May 16 Sold 18,400 shares of treasury common for $9 per share.
Aug. 25 Sold 4,900 shares of treasury common for $6 per share.
Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock.
31 Paid the cash dividends.
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Solution: Naming convention is not provided, can be slightly different: Note: Ignore the explanation line in blue while putting answer in the question format: Date Jan.05 Cash Account title and explanation Post. Ref.Debit CreditAssets LiabilitiesEquity (493300 7) 3453100 3453100 Common Stock (493300*3) Paid in Captial in Excess of par Common stock To record the issuance of common stock) 1479900 1973200 1479900 1973200 Feb.10 Cash (8800*60) 528000 528000 Preferred Stock (8800 *50) Paid in Captial in Excess of par Preferred stoclk To record the issuance of preferred stock) 440000 440000 88000 88000 Mar.19 Treasury Stock (46700*7) 326900 -326900 Cash 326900 326900 To record the purchase of treasury stock) May.16 Cash (18400*9) 165600 165600 Treasury Stock (18400*7) Paid in capital from sale of Treasury Stock To record the reissuance of Treasury stock) 128800 36800 128800 36800 Aug.25Cash (4900 6) 29400 29400 Paid in capital from sale of Treasury Stock (plug) Treasury Stock To record the reissuance of Treasury stock) 4900 -4900 (4900*7) 34300 34300 Dec.06 Cash Dividend (Retained Earning) [(81900+8800)*0.50]+ 225342 225342 Cash Dividend Payable (1780000+493300-46700+18400+4900)*0.08 To record the declaration of cash dividends) 225342 225342 Dec.31 Cash Dividend Payable 225342 225342 Cash 225342 225342 To record the payment of dividends)

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