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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $4,095,Mar. May Aug. Dec. 19 16 25 6 31 Purchased 46,700 shares of treasury common for $7 per share. Sold 18,400 shares of treasuryASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable ELIABILITIES 535 Insurance Expense 536 Office Supplies Expense 210 Accounts Payable 221 Notes Payable 537 Organizational Expen315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of

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Answer #1
Journal Entries
Date Account Title & Explanation Debit ($) Credit ($)
Jan-05 Cash (493300*$7) 3453100
Common Stock 1479900
Paid-in Capital in excess of par-Common Stock 1973200
Feb-10 Cash (8800*$60) 528000
Preferred stock 440000
Paid in Capital in excess of par-Preferred stock 88000
Mar-19 Treasury stock (46700*$7) 326900
Cash 326900
May-16 Cash (18400*$9) 165600
Treasury stock 128800
Paid-in capital from sale of treasury stock 36800
Aug-25 Cash (4900*$6) 29400
Paid-in capital from sale of treasury stock 4900
Treasury stock 34300
Dec-06 Cash dividends [(90700*$0.5)+(2249900*$0.08)] 225342
Cash Dividends payable 225342
Dec-31 Cash Dividends payable 225342
Cash 225342
Working of shares balance at the end:
Shares balance Common Stock Preferred Stock
Opening balance 1780000 81900
Jan-05 Issued 493300
Feb-10 Issued 8800
Mar-19 Purchased -46700
May-16 Sold 18400
Aug-25 Sold 4900
Balance at the end 2249900 90700
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