SelectedStockTransactions

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, $200par(40,000 shares authorized, 20,000 shares issued)$4,000,000Paid-In Capital in Excess of ParPreferred Stock480,000Common Stock, $10 par (800,000 shares authorized, 180,000 shares issued)1,800,000Paid-In Capital in Excess of ParCommon Stock230,000Retained Earnings13,801,000

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

1. Purchased 48,000 shares oftreasurycommon for $11 per share.
2. Sold 24,000 shares of treasury common for $14 per share.
3. Issued 10,000 shares of preferred 2% stock at $219.
4. Issued 80,000 shares of common stock at $13, receiving cash.
5. Sold 16,000 shares of treasury common for $9 per share.
6. Declared cash dividends of $4.00 per share on preferred stock and $0.06 per share on common stock.
7. Paid the cash dividends.

Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Treasury Stock v 528,000 Cash v 528 000 Cash $36.000 0 Treasury Stock y 264,000 Paid-In Capital from Sale of Treasury Stock v 72,000 Cash v 2,190,000 Preferred Stock v 2,000 000 Paid-In Capital in Excess of Par-Preferred Stock v 190.DO0 Cash w 1,040,000 Common Stock y BOO DOO Paid-In Capital in Excess of Par-Common Stock v 240,000 e. Cash v 144,000 Paid-In Capital from Sale of Treasury Stock v 32,000 Treasury Stock v V 176,000 F. Cash Dividends v Cash Dividends Payable v g. Cash Dividends Payable v Cash v