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, $125 par (50,000 shares authorized, 25,000 shares issued)	$3,125,000
Paid-In Capital in Excess of ParPreferred Stock	625,000
Common Stock, $20 par (700,000 shares authorized, 170,000 shares issued)	3,400,000
Paid-In Capital in Excess of ParCommon Stock	440,000
Retained Earnings	16,091,000

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

1. Issued 70,000 shares of common stock at $23, receiving cash.
2. Issued 13,000 shares of preferred 2% stock at $140.
3. Purchased 42,000 shares of treasury common for $22 per share.
4. Sold 21,000 shares of treasury common for $25 per share.
5. Sold 14,000 shares of treasury common for $20 per share.
6. Declared cash dividends of $2.50 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.

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 $23, receiving cash. b. Issued 13,000 shares of preferred 2% stock at $140. c. Purchased 42,000 shares of treasury common for $22 per share. d. Sold 21,000 shares of treasury common for $25 per share. d. Sold 21,000 shares of treasury common for $25 per share. e. Sold 14,000 shares of treasury common for $20 per share. f. Declared cash dividends of $2.50 per share on preferred stoc a. Daid the rach dividends