Use the blank journal entry on the questions it is needed for. Slickback Welding & Fabrication Corporation

Use the blank journal entry on the questions it is needed for.

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Slickback Welding & Fabrication Corporation sells and services pipe welding equipment in Michigan. The following selected accounts appear in the ledger of Slickback Welding & Fabrication at the beginning of the current year: Journal loute Description Post Ret b Od Preferred 3% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) $5,200,000 Paid-In Capital in Excess of Par-Preferred Stock 230,000 Common Stock, $5 par (6,000,000 shares authorized, 3,150,000 shares issued) 15,250,000 Paid-In Capital in Excess of Par-Common Stock 1,400,000 Retained Earnings $2,480,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. Journalize each of the following transactions and identify each entry by letter: a. Purchased 87,500 shares of treasury common for $10 per share. b. Sold $5,000 shares of treasury common for $12 per share. c. Issued 20,000 shares of preferred 3% stock at $83. d. Issued 400,000 shares of common stock at $12, receiving cash e. Sold 18,000 shares of treasury common for $7.75 per share. Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock. Paid the cash dividends. Slickback Welding & Fabrication Corporation sells and services pipe welding equipment in Michigan. The following selected accounts appear in the ledger of Slickback Welding & Fabrication at the beginning of the current year: Journal loute Description Post Ret b Od Preferred 3% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) $5,200,000 Paid-In Capital in Excess of Par-Preferred Stock 230,000 Common Stock, $5 par (6,000,000 shares authorized, 3,150,000 shares issued) 15,250,000 Paid-In Capital in Excess of Par-Common Stock 1,400,000 Retained Earnings $2,480,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. Journalize each of the following transactions and identify each entry by letter: a. Purchased 87,500 shares of treasury common for $10 per share. b. Sold $5,000 shares of treasury common for $12 per share. c. Issued 20,000 shares of preferred 3% stock at $83. d. Issued 400,000 shares of common stock at $12, receiving cash e. Sold 18,000 shares of treasury common for $7.75 per share. Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock. Paid the cash dividends.