Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $175 par (80,000 shares authorized, 40,000 shares issued)$7,000,000
Paid-In Capital in Excess of Par—Preferred Stock1,120,000
Common Stock, $15 par (500,000 shares authorized, 310,000 shares issued)4,650,000
Paid-In Capital in Excess of Par—Common Stock600,000
Retained Earnings28,344,000
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
Issued 50,000 shares of common stock at $21, receiving cash.
Issued 20,000 shares of preferred 2% stock at $193.
Purchased 30,000 shares of treasury common for $17 per share.
Sold 15,000 shares of treasury common for $20 per share.
Sold 10,000 shares of treasury common for $15 per share.
Declared cash dividends of $3.50 per share on preferred stock and $0.10 per share on common stock.
Paid the cash dividends.