eBook Show Me How Print Item Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $175 par (50,000 shares authorized, 25,000 shares issued) < Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (500,000 shares authorized, 180,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,375,000 700,000 2,700,000 350,000 17,225,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 50,000 shares of common stock at $19, receiving cash. b. Issued 13,000 shares of preferred 2% stock at $193. c. Purchased 30,000 shares of treasury common for $18 per share. d. Sold 15,000 shares of treasury common for $21 per share. e. Sold 10,000 shares of treasury common for $16 per share. f. Declared cash dividends of $3.50 per share on preferred stock and $0.08 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 50,000 shares of common stock at $19, receiving cash. E stock at $103 b. Issued 13,000 shares of preferred 2% stock at $193. c. Purchased 30,000 shares of treasury common for $18 per share. d. Sold 15,000 shares of treasury common for $21 per share. e. Sold 10,000 shares of treasury common for $16 per share. B f. Declared cash dividends of $3.50 per share on preferred stock and $0.08 per share on common stock Check My Work eBook c. Purchased 30,000 shares of treasury common for $18 per share. 38 d. Sold 15,000 shares of treasury common for $21 per share. e. Sold 10,000 shares of treasury common for $16 per share. f. Declared cash dividends of $3.50 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends. 38 88