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 (30,000 shares authorized, 15,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (800,000 shares authorized, 220,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $1,500,000 240,000 2,200,000 290,000) 8,960,000 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 $11 per share. b. Sold 24,000 shares of treasury common for $14 per share. c. Issued 8,000 shares of preferred 2% stock at $115. d. Issued 80,000 shares of common stock at $16, receiving cash. e. Sold 16,000 shares of treasury common for $9 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Required: