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, $50 par (30,000 shares authorized, 15,000 shares issued)	$750,000
Paid-In Capital in Excess of ParPreferred Stock	90,000
Common Stock, $25 par (700,000 shares authorized, 270,000 shares issued)	6,750,000
Paid-In Capital in Excess of ParCommon Stock	880,000
Retained Earnings	17,956,000

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 $29 per share.
2. Sold 21,000 shares of treasury common for $32 per share.
3. Issued 8,000 shares of preferred 2% stock at $65.
4. Issued 70,000 shares of common stock at $29, receiving cash.
5. Sold 14,000 shares of treasury common for $27 per share.
6. Declared cash dividends of $1.00 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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