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, $100 par (80,000 shares authorized, 40,000 shares issued) $4,000,000 Paid-In Capital in Excess of ParPreferred Stock 640,000 Common Stock, $25 par (700,000 shares authorized, 200,000 shares issued) 5,000,000 Paid-In Capital in Excess of ParCommon Stock 650,000 Retained Earnings 21,815,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Purchased 42,000 shares of treasury common for $29 per share. Sold 21,000 shares of treasury common for $32 per share. Issued 20,000 shares of preferred 2% stock at $114. Issued 70,000 shares of common stock at $30, receiving cash. Sold 14,000 shares of treasury common for $27 per share. Declared cash dividends of $2.00 per share on preferred stock and $0.08 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.