Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: $3,500,000 Preferred 2% Stock, $100 par (70,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (500,000 shares authorized, 270,000 shares issued) 120,000 4,050,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 530,000 18,020,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 50,000 shares of common stock at $22, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $118.. c. Purchased 30,000 shares of treasury common for $16 per share. d. Sold 15,000 shares of treasury common for $19 per share. < e. Sold 10,000 shares of treasury common for $14 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock. g. 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. Issued 50,000 shares of common stock at $22, receiving cash. Cash Common Stock Paid-In Capital in Excess of Par-Common Stock eBook Show Me How Printem a. Issued 50,000 shares of common stock at $22, receiving cash. Cash Common Stock Paid-In Capital in Excess of Per-Common Stock Feedback Check My Work a. What is the company receiving for issuing the shares? At what value do the common and preferred stock accounts have to be recorded? b. Issued 18,000 shares of preferred 2% stock at $118. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock eBook Show Me How Print Rem c. Purchased 30,000 shares of treasury common for $16 per share. Treasury Stock Cash 88 Feedback Check Mc d. Sold 15,000 shares of treasury common for $19 per share. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Feedback PCheck My Work e. Sold 10,000 shares of treasury common for $14 per share. Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock. Cash Dividends Cash Dividends Payable Feedback PCheck My Work g. Paid the cash dividends. Cash Dividends Payable Cash 88 88 Feedback Check My Work Feedback Check McW