PR 13-3A Selected stock transactions
The following selected accounts appear in the ledger of Patton Environmental Inc. on July 1, 2012, the beginning of the current fiscal year:
| Preferred 2% Stock, $75 par (40,000 shares authorized, | |
| 20,000 shares issued) | $ 1,500,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 240,000 |
| Common Stock, $15 par (500,000 shares authorized, | |
| 260,000 shares issued) | 3,900,000 |
| Paid-In Capital in Excess of Par—Common Stock | 400,000 |
| Retained Earnings | 12,750,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
a. Issued 50,000 shares of common stock at $20, receiving cash.
b. Issued 10,000 shares of preferred 2% stock at $92.
c. Purchased 30,000 shares of treasury common for $480,000.
d. Sold 15,000 shares of treasury common for $322,500.
e. Sold 10,000 shares of treasury common for $155,000.
f. Declared cash dividends of $1.50 per share on preferred stock and $0.04 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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