Question
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger
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, $75 par (70,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $25 par (600,000 shares authorized, 260,000 shares issued) $2,625,000 420,000 6,500,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 850,000 22,037,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 36,000 shares of treasury common for $30 per share. b. Sold 18,000 shares of treasury common for $33 per share. c. Issued 18,000 shares of preferred 2% stock at $89. d. Issued 60,000 shares of common stock at $29, receiving cash. e. Sold 12,000 shares of treasury common for $28 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.06 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 b. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock c. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock d. Cash Common Stock Paid-In Capital in Excess of Par-Common Stock e. Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock f. Cash Dividends Cash Dividends Payable g. Cash Dividends Payable Cash
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