< eBook Selected Stock Transactions How me mu The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $175 par (40,000 shares authorized, 20,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (600,000 shares authorized, 190,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $3,500,000 700,000 2,850,000 370,000 15,730,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 60,000 shares of common stock at $21, receiving cash. b. Issued 10,000 shares of preferred 2% stock at $194. c. Purchased 36,000 shares of treasury common for $19 per share. d. Sold 18,000 shares of treasury common for $22 per share. e. Sold 12,000 shares of treasury common for $17 per share. 1. Declared cash dividends of $3.50 per share on preferred stock and $0.04 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. a. Issued 60,000 shares of common stock at $21, receiving cash.