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: Paid-In Capital in Excess of Par-Preferred Stock Preferred 2% Stock, $75 par (70,000 shares authorized, 35,000 shares issued) Common Stock, $15 par (800,000 shares authorized, 230,000 shares issued) $2,625,000 525.000 3,450,00 450,000 14,946,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 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 $19 per share. b. Sold 24,000 shares of treasury common for $22 per share. c. Issued 18,000 shares of preferred 2% stock at $87. d. Issued 80,000 shares of common stock at $20, receiving cash. e. Sold 16,000 shares of treasury common for $17 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.08 per share on common stock. 9. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank.