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 (50,000 shares authorized, 25,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $25 par (600,000 shares authorized, 240,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $3,750,000 450,000 6,000,000 780,000 23,278,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 60,000 shares of common stock at $31, receiving cash. b. Issued 13,000 shares of preferred 2% stock at $166. c. Purchased 36,000 shares of treasury common for $26 per share. d. Sold 18,000 shares of treasury common for $29 per share. e. Sold 12,000 shares of treasury common for $24 per share. f. Declared cash dividends of $3.00 per share on preferred stock and $0.04 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 60,000 shares of common stock at $31, receiving cash. Cash Common Stock Paid-In Capital in Excess of Par-Common Stock b. Issued 13,000 shares of preferred 2% stock at $166. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 1,860,000 60,000 2,158,000