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 at the beginning of the current fiscal year:

Preferred2%Stock,$80par(100,000sharesauthorized,60,000sharesissued) $4,800,000

Paid-In Capital in Excess of ParPreferred 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 ParCommon Stock 1,400,000

Retained Earnings 52,840,000

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

Feb. 2 Purchased 87,500 shares of treasury common for $8 per share.

Mar.16 Sold 55,000 shares of treasury common for $11 per share.

May 7 Issued 20,000 shares of preferred 2% stock at $84.

Jun. 27 Issued 400,000 shares ofcommon stockat $13, receiving cash.

Aug. 30 Sold 18,000 shares of treasury common for $7.50 per share.

Dec. 5 Declaredcash dividendsof $1.60 per share onpreferred stockand $0.05 per share on common stock.

31 Paid the cashdividends.

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Diamondback Welding & Fabrication Corporation

ASSETS

110Cash

120Accounts Receivable

131Notes Receivable

132Interest Receivable

141Merchandise Inventory

145Office Supplies

151Prepaid Insurance

181Land

193Equipment

194Accumulated Depreciation-Equipment

LIABILITIES

210Accounts Payable

221Notes Payable

226Interest Payable

231Cash Dividends Payable

236Stock Dividends Distributable

241Salaries Payable

261Mortgage Note Payable

EQUITY

311Common Stock

312Paid-In Capital in Excess of Par-Common Stock

315Treasury Stock

321Preferred Stock

322Paid-In Capital in Excess of Par-Preferred Stock

331Paid-In Capital from Sale of Treasury Stock

340Retained Earnings

351Cash Dividends

352Stock Dividends

390Income Summary

REVENUE

410Sales

610Interest Revenue

EXPENSES

510Cost of Merchandise Sold

515Credit Card Expense

520Salaries Expense

531Advertising Expense

532Delivery Expense

533Selling Expenses

534Rent Expense

535Insurance Expense

536Office Supplies Expense

537Organizational Expenses

562Depreciation Expense-Equipment

590Miscellaneous Expense

710Interest Expense