Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication Corporation on July 1, 2014, the beginning of the current fiscal year:

Preferred 2% Stock, $80 par (100,000 shares authorized,

60,000 shares issued) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 4,800,000

Paid-In Capital in Excess of Par—Preferred Stock. . . . . . . . 210,000

Common Stock, $9 par (3,000,000 shares authorized,

1,750,000 shares issued) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,750,000

Paid-In Capital in Excess of Par—Common Stock . . . . . . . . 1,400,000

Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,840,000

During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:

a. Purchased 87,500 shares of treasury common for $8 per share.

b. Sold 55,000 shares of treasury common for $11 per share.

c. Issued 20,000 shares of preferred 2% stock at $84.

d. Issued 400,000 shares of common stock at $13, receiving cash.

e. Sold 18,000 shares of treasury common for $7.50 per share.

f. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock.

g. Paid the cash dividends.

Instructions

Journalize the entries to record the transactions. Identify each entry by letter.