The following selected accounts appear in the ledger of EJ Construction Inc. at the begin- ning of the current fiscal year

| April 14, 2018

PR 11-3A Selected stock transactions ObJ. 2, 3, 4The following selected accounts appear in the ledger of EJ Construction Inc. at the begin- ning of the current fiscal year:Preferred 1% Stock, $50 par (100,000 shares authorized,80,000 shares issued) …………………………………………….$ 4,000,000Paid-In Capital in Excess of Par—Preferred Stock……………………….175,000Common Stock, $3 par (5,000,000 shares authorized,2,000,000 shares issued) ………………………………………….6,000,000Paid-In Capital in Excess of Par—Common Stock……………………….1,500,000Retained Earnings …………………………………………………32,350,000During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:a. Issued 500,000 shares of common stock at $8, receiving cash.b. Issued 10,000 shares of preferred 1% stock at $60.c. Purchased 50,000 shares of treasury common for $7 per share.d. Sold 20,000 shares of treasury common for $9 per share.e. Sold 5,000 shares of treasury common for $6 per share.f. Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock.g. Paid the cash dividends.InstructionsJournalize the entries to record the transactions. Identify each entry by letter.

Order your essay today and save 30% with the discount code: ESSAYHELP
Order your essay today and save 30% with the discount code: ESSAYHELPOrder Now