Question Content Area

Selected stock transactions

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:

Line Item Description Amount

Preferred $2\%$ Stock, $$50$ par $(90,000$ shares authorized, $45,000$ shares issued$)$ $$2,250,000$

Paid$-$In Capital in Excess of Par$$Preferred Stock $360,000$

Common Stock, $$15$ par $(800,000$ shares authorized, $200,000$ shares issued$)3,000,000$

Paid$-$In Capital in Excess of Par$$Common Stock $390,000$

Retained Earnings $12,720,000$

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

Purchased $48,000$ shares of treasury common for $$17$ per share.

Sold $24,000$ shares of treasury common for $$20$ per share.

Issued $23,000$ shares of preferred $2\%$ stock at $$67.$

Issued $80,000$ shares of common stock at $$18,$ receiving cash.

Sold $16,000$ shares of treasury common for $$15$ per share.

Declared cash dividends of $$1\mathrm{.}00$ per share on preferred stock and $$0\mathrm{.}10$ per share on common stock.

Paid the cash dividends.

Required:

Journalize the entries to record the transactions.

If an amount box does not require an entry, leave it blank.

TransactionAccountDebitCredit

a$.$

b$.$

c$.$

d$.$

e$.$

f$.$

g$.$