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:

Preferred 2% Stock, $75par(60,000 shares authorized, 30,000 shares issued)$2,250,000Paid-In Capital in Excess of ParPreferred Stock270,000Common Stock, $25 par (800,000 shares authorized, 220,000 shares issued)5,500,000Paid-In Capital in Excess of ParCommon Stock720,000Retained Earnings18,529,000

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

1. Purchased 48,000 shares oftreasurycommon for $30 per share.
2. Sold 24,000 shares of treasury common for $33 per share.
3. Issued 15,000 shares of preferred 2% stock at $87.
4. Issued 80,000 shares of common stock at $28, receiving cash.
5. Sold 16,000 shares of treasury common for $28 per share.
6. Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock.
7. Paid the cash dividends.

Required:

Journalize the entries to record the transactions.

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

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