K eBook Selected Stock Transactions Show Me How Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $150 par (80,000 shares authorized, 40,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $20 par (500,000 shares authorized, 280,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings 28,684,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 30,000 shares of treasury common for $24 per share. b. Sold 15,000 shares of treasury common for $27 per share. c. Issued 20,000 shares of preferred 2% stock at $168. d. Issued 50,000 shares of common stock at $23, receiving cash. e. Sold 10,000 shares of treasury common for $22 per share. f. Declared cash dividends of $3.00 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. Treasury Stock Cash Check My Work 3 more Check My Work uses remaining 720,000 $6,000,000 1,200,000 5,600,000 730,000 72,000 Previous