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, $125 par (70,000 shares authorized, 35,000 shares issued) $4,375,000 Paid-In Capital in Excess of ParPreferred Stock 525,000 Common Stock, $20 par (700,000 shares authorized, 170,000 shares issued) 3,400,000 Paid-In Capital in Excess of ParCommon Stock 440,000 Retained Earnings 18,529,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

1. Purchased 42,000 shares of treasury common for $24 per share.
2. Sold 21,000 shares of treasury common for $27 per share.
3. Issued 18,000 shares of preferred 2% stock at $143.
4. Issued 70,000 shares of common stock at $23, receiving cash.
5. Sold 14,000 shares of treasury common for $22 per share.
6. Declared cash dividends of $2.50 per share on preferred stock and $0.04 per share on common stock.
7. 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.

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b.

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c.

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d.

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e.

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f.

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g.

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