eBook Show Me How Selected Stock Transactions oration 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 Preferred 296 stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,800,000 210,000 1,400,000 52,840,000 ring the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. C. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock g. Paid the cash dividends Required: Journalize the entries to record the transactions a. Purchased 87,500 shares of treasury common for $8 per share