Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:

Line Item Description Amount

Preferred $2\%$ Stock, $$50$ par $(60,000$ shares authorized, $30,000$ shares issued$)$ $$1,500,000$

Paid$-$In Capital in Excess of Par$$Preferred Stock $180,000$

Common Stock, $$25$ par $(600,000$ shares authorized, $270,000$ shares issued$)6,750,000$

Paid$-$In Capital in Excess of Par$$Common Stock $880,000$

Retained Earnings $19,737,000$

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

Purchased $36,000$ shares of treasury common for $$29$ per share.

Sold $18,000$ shares of treasury common for $$32$ per share.

Issued $15,000$ shares of preferred $2\%$ stock at $$70.$

Issued $60,000$ shares of common stock at $$29,$ receiving cash.

Sold $12,000$ shares of treasury common for $$27$ per share.

Declared cash dividends of $$1\mathrm{.}00$ per share on preferred stock and $$0\mathrm{.}10$ per share on common stock.

Paid the cash dividends.

Required:

Journalize the entries to record the transactions.

If an amount box does not require an entry, leave it blank.

TransactionAccountDebitCredit

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