Instructions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year Preferred 2% Stock, $80 par (200,000 shares authorized, 65,000 shares issued) $5,200,000 Paid-In Capital in Excess of Par-Preferred Stock 360,000 Common Stock, $12 par (3,000,000 shares authorized, 1,400,000 shares issued) 16,800,000 Paid-In Capital in Excess of Par-Common Stock 1,290,000 Retained Earnings 110,900,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: Jan 5 Issued 220,000 shares of common stock at $15, receiving cash Feb. 10 Issued 6,000 shares of preferred 2% stock at 594. Mar May 96 Purchased 130,000 shares of treasury common for $19 per share 16 Sold 70,000 shares of treasury common for $23 per share. Aug Dec 25 Sold 40,000 shares of treasury common for $17 per share 6 31 Declared cash dividends of $1.60 per share on preferred stock and $0.14 per share on common stock Paid the cash dividends. Required: Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account tities CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered