Selected Stock Transactions Diamondback Welding & Fabrication Corporation sets and services pipe welding equipment in Ilinois. The following selected accounts appear in the edge of Diamondback Welding & Fabrication at the beginning of the current year Preferred 2% Stock, 180 par (100,000 shares authorized, 60,000 shares issued) 34,600,000 Paldin Capital in Excess of Par-Preferred Stock 210,000 Common Stock, 59 par (3,000,000 shares authorized, 1,750,000 shares issued) 15,750,000 Paid-In Capital in Excess of Par-Common Stock 1,400,000 Retained Earnings 52.840,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. Issued 20,000 shares of preferred 2 stock at $84 d. Issued 400,000 shares of common stock at $13, receiving cash c. Sold 18,000 shares of treasury common for $7.50 per share 1. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share en common stock 9. Pald the cash dividends Required: Journalize the entries to record the transactions If an amount box does not require an entry, leave it blank 2. Treasury Stock 700.000 Cash 1 / b. Cash 605,000 Treasury Stock Paid-In Capital from Sale of Treasury Stock 440,000 165,000 c. Cash 168,000 X Preferred Stock 168,000 X Paid-In Capital in Excess of Par-Preferred Stock 80,000 d. Cash 520,000 X Common Stock 360,000 X Paid-In Capital in Excess of Par-Common Stock 160,000 X e. Cash 135,000 9,000 Paid-In Capital from Sale of Treasury Stock Treasury Stock 144,000 128,000 X f. Cash Dividends Cash Dividends Payable 106,775 X 9 Cash Dividends Payable 128,000 X Il Cash 234,775