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, $20 par (600,000 shares authorized, 280,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $3,500,000 560,000 5,600,000 730,000 22,027,000 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 $25, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $118. c. Purchased 36,000 shares of treasury common for $23 per share. d. Sold 18,000 shares of treasury common for $26 per share. e. Sold 12,000 shares of treasury common for $21 per share. 1. Declared cash dividends of $2.00 per share on preferred stock and $0.10 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 $25, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $118. 4