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, $175 par (70,000 shares authorized, 35,000 shares issued) $6,125,000 Paid-In Capital in Excess of Par-Preferred Stock 1,225,000 Common Stock, $20 par (700,000 shares authorized, 190,000 shares issued) 3,800,000 Paid-In Capital in Excess of Par-Common Stock 490,000 Retained Earnings 24,677,000 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 $27, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $190. C. Purchased 42,000 shares of treasury common for $22 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 $3.50 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 $27, receiving cash. 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 $27, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $190. 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 $3.50 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends. 8