eBook Show Me How Calculator Print Item Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Tilinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $175 par (70,000 shares authorized, 35,000 shares issued) $6,125,000 Paid-In Capital in Excess of Par-Preferred Stock 980,000 Common Stock, $20 par (800,000 shares authorized, 250,000 shares issued) 5,000,000 Paid-in Capital in Excess of Par-Common Stock 650,000 Retained Earnings 27,041,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 48,000 shares of treasury common for $25 per share. b. Sold 24,000 shares of treasury common for $28 per share. c. Issued 18,000 shares of preferred 2% stock at $194. d. Issued 80,000 shares of common stock at $23, receiving cash. e. Sold 16,000 shares of treasury common for $23 per share. 1. Declared cash dividends of $3.50 per share on preferred stock and $0.06 per share on common stock 9. Paid the cash dividends. Required: Journalize the entries to record the transactions If an amount box does not require an entry, leave it blank. Treasury Stock Cash Treasury Stock Paldin Capital from Sale of Treasury Stock Treasury Stock Cash Cash Treasury Stock Pald-In Capital from Sale of Treasury Stock Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Cash Common Stock Pald-In Capital in Excess of Par-Common Stock Il 100 III III II) 01 001 III LII III II II Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock Cash Dividends Cash Dividends Payable Cash Dividends Payable Cash