Question
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of
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, $175 par (90,000 shares authorized, 45,000 shares issued) | $7,875,000 |
| Paid-In Capital in Excess of ParPreferred Stock | 1,260,000 |
| Common Stock, $10 par (700,000 shares authorized, 310,000 shares issued) | 3,100,000 |
| Paid-In Capital in Excess of ParCommon Stock | 400,000 |
| Retained Earnings | 26,786,000 |
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
- Purchased 42,000 shares of treasury common for $13 per share.
- Sold 21,000 shares of treasury common for $16 per share.
- Issued 23,000 shares of preferred 2% stock at $194.
- Issued 70,000 shares of common stock at $13, receiving cash.
- Sold 14,000 shares of treasury common for $11 per share.
- Declared cash dividends of $3.50 per share on preferred stock and $0.10 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.
| a. | fill in the blank 2 | fill in the blank 3 | |
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| b. | fill in the blank 8 | fill in the blank 9 | |
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| c. | fill in the blank 17 | fill in the blank 18 | |
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| d. | fill in the blank 26 | fill in the blank 27 | |
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| fill in the blank 32 | fill in the blank 33 | ||
| e. | fill in the blank 35 | fill in the blank 36 | |
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| f. | fill in the blank 44 | fill in the blank 45 | |
| fill in the blank 47 | fill in the blank 48 | ||
| g. | fill in the blank 50 | fill in the blank 51 | |
| fill in the blank 53 | fill in the blank 54 |
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Fundamental Accounting Principles Volume II
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
978-1260305838
