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: Preferred 2% Stock, $125 par (50,000 shares authorized, 25,000 shares issued) $3,125,000 Paid-In Capital in Excess of Par-Preferred Stock 625,000 Common Stock, $25 par (800,000 shares authorized, 260,000 shares issued) 6,500,000 Paid-In Capital in Excess of Par-Common Stock 850,000 Retained Earnings 23,532,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 48,000 shares of treasury common for $28 per share. b. Sold 24,000 shares of treasury common for $31 per share. c. Issued 13,000 shares of preferred 2% stock at $140. d. Issued 80,000 shares of common stock at $29, receiving cash. e. Sold 16,000 shares of treasury common for $26 per share. f. Declared cash dividends of $2.50 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. Treasury Stock a. 1,344,000 Cash 1,344,000 b. Cash 744,000 Treasury Stock 672,000 Paid-In Capital from Sale of Treasury Stock 72,000 Cash C. 1,820,000 Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock d. Cash 2,320,000 Common Stock III III III Paid-In Capital in Excess of Par-Common Stock Cash e. 416,000 Paid-In Capital from Sale of Treasury Stock Treasury Stock f. Cash Dividends Cash Dividends Payable II II II II Cash Dividends Payable g. Cash