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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:

  1. Purchased 42,000 shares of treasury common for $13 per share.
  2. Sold 21,000 shares of treasury common for $16 per share.
  3. Issued 23,000 shares of preferred 2% stock at $194.
  4. Issued 70,000 shares of common stock at $13, receiving cash.
  5. Sold 14,000 shares of treasury common for $11 per share.
  6. Declared cash dividends of $3.50 per share on preferred stock and $0.10 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.

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