Selected stock transactionsDiamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:Preferred $2\%$ Stock, $$150$ par $(40,000$ shares authorized, $20,000$ shares issued$)$$$3,000,000$Paid$-$In Capital in Excess of Par$-$Preferred Stock$480,000$Common Stock, $$20$ par $(600,000$ shares authorized, $270,000$ shares issued$)5,400,000$Paid$-$In Capital in Excess of Par$-$Common Stock$700,000$Retained Earnings$20,310,000$During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:a$.$ Purchased $36,000$ shares of treasury common for $$24$ per share.b$.$ Sold $18,000$ shares of treasury common for $$27$ per share.c$.$ Issued $10,000$ shares of preferred $2\%$ stock at $$167.$d$.$ Issued $60,000$ shares of common stock at $$27,$ receiving cash.e$.$ Sold $12,000$ shares of treasury common for $$22$ per share.f$.$ Declared cash dividends of $$3\mathrm{.}00$ per share on preferred stock and $$0\mathrm{.}10$ per share on common stock.g$.$ Paid the cash dividends.Required:Journalize the entries to record the transactions.If an amount hay doss a aCashSelected stock transactions

Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:

Preferred $2\%$ Stock, $$150$ par $(40,000$ shares authorized, $20,000$ shares issued$)$

$$3,000,000$

$480,000$

$5,400,000$

$700,000$

$20,310,000$

During the year, the corporation completed a number of transactions affecting the $5$ tockholders' equity. They are summarized as follows:

a$.$ Purchased $36,000$ shares of treasury common for $$24$ per share.

b$.$ Sold $18,000$ shares of treasury common for $$27$ per share.

c$.$ Issued $10,000$ shares of preferred $2\%$ stock at $$167.$

d$.$ Issued $60,000$ shares of common stock at $$27,$ receiving cash.

e$.$ Sold $12,000$ shares of treasury common for $$22$ per share.

f$.$ Declared cash dividends of $$3\mathrm{.}00$ per share on preferred stock and $$0\mathrm{.}10$ per share on common stock.

g$.$ Paid the cash dividends.

Required:

Journalize the entries to record the transactions.

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