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:

Line Item Description Amount

Preferred $2\%$ Stock, $$75$ par $(70,000$ shares authorized, $35,000$ shares issued$)$ $$2,625,000$

Paid$-$In Capital in Excess of Par$$Preferred Stock $315,000$

Common Stock, $$20$ par $(800,000$ shares authorized, $300,000$ shares issued$)6,000,000$

Paid$-$In Capital in Excess of Par$$Common Stock $780,000$

Retained Earnings $20,606,000$

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

Purchased $48,000$ shares of treasury common for $$25$ per share.

Sold $24,000$ shares of treasury common for $$28$ per share.

Issued $18,000$ shares of preferred $2\%$ stock at $$87.$

Issued $80,000$ shares of common stock at $$27,$ receiving cash.

Sold $16,000$ shares of treasury common for $$23$ per share.

Declared cash dividends of $$1\mathrm{.}50$ per share on preferred stock and $$0\mathrm{.}06$ per share on common stock.

Paid the cash dividends.

Required:

Journalize the entries to record the transactions.

If an amount box does not require an entry, leave it blank.

TransactionAccountDebitCredit

a$.$

Treasury Stock

$1,200,000$

$0$

Cash

$0$

$1,200,000$

b$.$

Cash

$672,000$

$0$

Treasury Stock

$0$

$600,000$

Paid$-$In Capital from Sale of Treasury Stock

$0$

$72,000$

c$.$

Cash

$1,566,000$

$0$

Preferred Stock

$0$

$1,350,000$

Paid$-$In Capital in Excess of Par$-$Preferred Stock

$0$

$216,000$

d$.$

Cash

$2,160,000$

$0$

Common Stock

$0$

$1,600,000$

Paid$-$In Capital in Excess of Par$-$Common Stock

$0$

$560,000$

e$.$

Cash

$368,000$

$0$

Paid$-$In Capital from Sale of Treasury Stock

$0$

Treasury Stock

$0$

f$.$

Cash Dividends

$0$

Cash Dividends Payable

$0$

g$.$

Cash Dividends Payable

$0$

Cash

$0$