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, $50 par (70,000 shares authorized, 35,000 shares issued)	$1,750,000
Paid-In Capital in Excess of ParPreferred Stock	350,000
Common Stock, $20 par (500,000 shares authorized, 270,000 shares issued)	5,400,000
Paid-In Capital in Excess of ParCommon Stock	700,000
Retained Earnings	17,384,000

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

1. Issued 50,000 shares of common stock at $25, receiving cash.
2. Issued 18,000 shares of preferred 2% stock at $70.
3. Purchased 30,000 shares of treasury common for $23 per share.
4. Sold 15,000 shares of treasury common for $26 per share.
5. Sold 10,000 shares of treasury common for $21 per share.
6. Declared cash dividends of $1.00 per share on preferred stock and $0.08 per share on common stock.
7. 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 50,000 shares of common stock at $25, receiving cash.

b. Issued 18,000 shares of preferred 2% stock at $70.

c. Purchased 30,000 shares of treasury common for $23 per share.

d. Sold 15,000 shares of treasury common for $26 per share.

e. Sold 10,000 shares of treasury common for $21 per share.

f. Declared cash dividends of $1.00 per share on preferred stock and $0.08 per share on common stock.

g. Paid the cash dividends.