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 (60,000 shares authorized, 30,000 shares issued) $3,000,000 Paid-In Capital in Excess of Par-Preferred Stock 480,000 Common Stock, $10 par (700,000 shares authorized, 190,000 shares issued) 1,900,000 Paid-In Capital in Excess of Par-Common Stock 250,000 Retained Earnings 11,936,000 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 $12 per share. b. Sold 21,000 shares of treasury common for $15 per share. C. Issued 15,000 shares of preferred 2% stock at $118. d. Issued 70,000 shares of common stock at $17, receiving cash. e. Sold 14,000 shares of treasury common for $10 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.10 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 504,000 Cash 504,000 b. Cash 315,000 Treasury Stock 252,000 Paid-In Capital from Sale of Treasury Stock 63,000 c. Cash III III III I. III LUI BEI GO 1,770,000 Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 1,770,000 X d. g