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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 Diamondback Welding &
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, $150 par (90,000 shares authorized, 45,000 shares issued) | $6,750,000 |
Paid-In Capital in Excess of ParPreferred Stock | 1,080,000 |
Common Stock, $10 par (800,000 shares authorized, 300,000 shares issued) | 3,000,000 |
Paid-In Capital in Excess of ParCommon Stock | 390,000 |
Retained Earnings | 23,786,000 |
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
- Purchased 48,000 shares of treasury common for $13 per share.
- Sold 24,000 shares of treasury common for $16 per share.
- Issued 23,000 shares of preferred 2% stock at $165.
- Issued 80,000 shares of common stock at $15, receiving cash.
- Sold 16,000 shares of treasury common for $11 per share.
- Declared cash dividends of $3.00 per share on preferred stock and $0.08 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.
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