Selected Stock Transactions

The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:

Preferred $2\%$ Stock, $$150$ par $(30,000$ shares authorized, $15,000$ shares issued$)$

$$2,250,000$

Paid$-$In Capital in Excess of Par$-$Preferred Stock

$270,000$

Common Stock, $$15$ par $(700,000$ shares authorized, $260,000$ shares issued$)$

$3,900,000$

Paid$-$In Capital in Excess of Par$-$Common Stock

$510,000$

Retained Earnings

$14,692,000$

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarizec as follows:

a$.$ Issued $70,000$ shares of common stock at $$18,$ receiving cash.

b$.$ Issued $8,000$ shares of preferred $2\%$ stock at $$170.$

c$.$ Purchased $42,000$ shares of treasury common for $$20$ per share.

d$.$ Sold $21,000$ shares of treasury common for $$23$ per share.

e$.$ Sold $14,000$ shares of treasury common for $$18$ per share.

f$.$ Declared cash dividends of $$3\mathrm{.}00$ per share on preferred stock and $$0\mathrm{.}06$ 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 $70,000$ shares of common stock at $$18,$ receiving cash.