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, $50 par (40,000 shares authorized, 20,000 shares issued) $1,000,000 Paid-In Capital in Excess of Par-Preferred Stock 200,000 Common Stock, $20 par (600,000 shares authorized, 240,000 shares issued) 4,800,000 Paid-In Capital in Excess of Par-Common Stock 620,000 Retained Earnings 14,034,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 60,000 shares of common stock at $26, receiving cash. b. Issued 10,000 shares of preferred 2% stock at $62. c. Purchased 36,000 shares of treasury common for $25 per share. d. Sold 18,000 shares of treasury common for $28 per share. e. Sold 12,000 shares of treasury common for $23 per share. f. Declared cash dividends of $1.00 per share on preferred stock and $0.08 per g. Paid the cash dividends. on common stock. Required: Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock) Additional Paid-In Capital, Preferred Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,200 shares) Retained Earnings Treasury Stock, 1,000 Preferred shares at cost $108,000 15,390 632,400 32,000 (9,600) Assume that no shares of treasury stock have been sold in the past. Required: Complete the following statements. (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.) 1. The number of shares of preferred stock issued was 2. The number of shares of preferred stock outstanding was 3. The average issue price of the preferred stock was per share 4. The average issue price of the common stock was 5. The treasury stock transaction increased (decreased) stockholders' equity by 6. The…

The stockholders’ equity section of Sheridan Inc. at the beginning of the current year appears below. Common stock, $10 par value, authorized 1,043,000 shares, 321,000 shares issued and outstanding   $3,210,000 Paid-in capital in excess of par—common stock   562,000 Retained earnings   624,000 During the current year, the following transactions occurred. 1.   The company issued to the stockholders 109,000 rights. Ten rights are needed to buy one share of stock at $30. The rights were void after 30 days. The market price of the stock at this time was $32 per share. 2.   The company sold to the public a $204,000, 10% bond issue at 104. The company also issued with each $100 bond one detachable stock purchase warrant, which provided for the purchase of common stock at $28 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at $8. 3.   All but 5,450 of the rights issued in (1) were exercised in 30 days. 4.   At the end…

The stockholders' equity section of the balance sheet for Mann Equipment Co. at December 31, Year 2, is as follows. Stockholders' Equity Paid-in capital Preferred stock, ? par value, 6% cumulative, 110,000 shares authorized, 41,000 shares issued and outstanding Common stock, $20 stated value, 160,000 shares authorized, 41,000 shares issued and ?? shares outstanding Paid-in capital in excess of par-Preferred Paid-in capital in excess of stated value-Common Total paid-in capital Retained earnings Treasury stock, 3,000 shares Total stockholders' equity Note: The market value per share of the common stock is $42, and the market value per share of the preferred stock is $13. Required a. What is the par value per share of the preferred stock? b. What is the dividend per share on the preferred stock? c. What is the number of common stock shares outstanding? d. What was the average issue price per share (price for which the stock was issued) of the common stock? f. If Mann Equipment Company…