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 (40,000 shares authorized, 20,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (700,000 shares authorized, 180,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $1,500,000 180,000 2,700,000 350,000 10,028,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 42,000 shares of treasury common for $16 per share. b. Sold 21,000 shares of treasury common for $19 per share. c. Issued 10,000 shares of preferred 2% stock at $87. d. Issued 70,000 shares of common stock at $19, receiving cash. e. Sold 14,000 shares of treasury common for $14 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.10 per share on common stock. g. Paid the cash dividends.