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Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondbach Welding &
Diamondback Welding \& Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondbach Welding \& Fabrication at the beginning of the current year: During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 42,000 shares of treasury common for $14 per share. b. Sold 21,000 shares of treasury common for $17 per share. c. Issued 23,000 shares of preferred 2% stock at $119. d. Issued 70,000 shares of common stock at $14, receiving cash. e. Sold 14,000 shares of treasury common for $12 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.10 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. I e it blank
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