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, $75 par (60,000 shares authorized, 30,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (700,000 shares authorized, 290,000 shares issued) $2,250,000 360,000 4,350,000 570,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 15,964,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 70,000 shares of common stock at $22, receiving cash. b. Issued 15,000 shares of preferred 2% stock at $88. c. Purchased 42,000 shares of treasury common for $16 per share. d. Sold 21,000 shares of treasury common for $19 per share. e. Sold 14,000 shares of treasury common for $14 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.06 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 $22, receiving cash. b. Issued 15,000 shares of preferred 2% stock at $88. c. Purchased 42,000 shares of treasury common for $16 per share. 88