The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:

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

$$3,000,000$

$600,000$

$4,500,000$

$590,000$

$18,423,000$

Paid$-$In Capital in Excess of Par$-$Preferred Stock

Common Stock, $$25$ par $(600,000$ shares authorized, $180,000$ shares issued$)$

Paid$-$In Capital in Excess of Par$-$Common Stock

Retained Earnings

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

a$.$ Issued $60,000$ shares of common stock at $$32,$ receiving cash.

b$.$ Issued $10,000$ shares of preferred $2\%$ stock at $$162.$

c$.$ Purchased $36,000$ shares of treasury common for $$26$ per share.

d$.$ Sold $18,000$ shares of treasury common for $$29$ per share.

e$.$ Sold $12,000$ shares of treasury common for $$24$ per share.

f$.$ Declared cash dividends of $$3\mathrm{.}00$ per share on preferred stock and $$0\mathrm{.}04$ 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 $60,000$ shares of common stock at $$32,$ receiving cash.

Common Stock

Paid$-$In Capital in Excess of Par$-$Common Stock

b$.$ Issued $10,000$ shares of preferred $2\%$ stock at $$162.$