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, $100 par (50,000 shares authorized, 25,000 shares issued) $2,500,000 Paid-In Capital in Excess of ParPreferred Stock 400,000 Common Stock, $10 par (800,000 shares authorized, 200,000 shares issued) 2,000,000 Paid-In Capital in Excess of ParCommon Stock 260,000 Retained Earnings 10,939,000 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 $12 per share. Sold 24,000 shares of treasury common for $15 per share. Issued 13,000 shares of preferred 2% stock at $118. Issued 80,000 shares of common stock at $15, receiving cash. Sold 16,000 shares of treasury common for $10 per share. Declared cash dividends of $2.00 per share on preferred stock and $0.08 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. - Select - - Select - - Select - - Select - b. - Select - - Select - - Select - - Select - - Select - - Select - c. - Select - - Select - - Select - - Select - - Select - - Select - d. - Select - - Select - - Select - - Select - - Select - - Select - e. - Select - - Select - - Select - - Select - - Select - - Select - f. - Select - - Select - - Select - - Select - g. - Select - - Select - - Select - - Select -
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started