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, $100 par (70,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (700,000 shares authorized, 330,000 shares issued) $3,500,000 420,000 3,300,000 430,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 16,218,000 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 $16, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $117. c. Purchased 42,000 shares of treasury common for $15 per share. d. Sold 21,000 shares of treasury common for $18 per share. e. Sold 14,000 shares of treasury common for $13 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 70,000 shares of common stock at $16, receiving cash. Cash 1,120,000 Common Stock Paid-In Capital in Excess of Par-Common Stock x