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, s80 par (100,000 shares authorized, 60,000 shares issued) $4,800,000 Paid-In Capital in Excess of Par-Preferred Stock 210,000 Common Stock. $9 par (3,000,000 shares authorized, 1,750,000 shares issued) 15,750,000 Pald-In Capital in Excess of Par-Common Stock 1,400,000 Retained Earnings 52,840,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for 58 per share. b. Sold 55,000 shares of treasury common for $11 per share. c.Issued 20,000 shares of preferred 2% stock at $84 d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share Declared cash dividends of $1.60 per share on preferred stock and $0.05 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 7000 Cast 700,000