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

Preferred 2% Stock, $50 par (70,000 shares authorized, 35,000 shares issued)	$1,750,000
Paid-In Capital in Excess of ParPreferred Stock	210,000
Common Stock, $15 par (800,000 shares authorized, 310,000 shares issued)	4,650,000
Paid-In Capital in Excess of ParCommon Stock	600,000
Retained Earnings	15,285,000

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

Issued 80,000 shares of common stock at $20, receiving cash.

Issued 18,000 shares of preferred 2% stock at $67.

Purchased 48,000 shares of treasury common for $17 per share.

Sold 24,000 shares of treasury common for $20 per share.

Sold 16,000 shares of treasury common for $15 per share.

Declared cash dividends of $1.00 per share on preferred stock and $0.06 per share on common stock.

Paid the cash dividends.

Required:

Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank.

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a. Issued 80,000 shares of common stock at $20, receiving cash.

blank	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital in Excess of Par-Preferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	Paid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockRetained EarningsTreasury Stock	- Select -	- Select -

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b. Issued 18,000 shares of preferred 2% stock at $67.

blank	CashPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashPaid-In Capital in Excess of Par-Common StockPreferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Preferred StockRetained EarningsTreasury Stock	- Select -	- Select -

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c. Purchased 48,000 shares of treasury common for $17 per share.

blank	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -

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d. Sold 24,000 shares of treasury common for $20 per share.

blank	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital In Excess of Par Value-Common StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockGain from Sale of Treasury StockPaid-In Capital from Sale of Treasury StockRetained Earnings	- Select -	- Select -

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e. Sold 16,000 shares of treasury common for $15 per share.

blank	CashCommon StockPaid-In Capital in Excess of Par Value-Common StockRetained EarningsTreasury Stock	- Select -	- Select -
	Common StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Par-Preferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -

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f. Declared cash dividends of $1.00 per share on preferred stock and $0.06 per share on common stock.

blank	CashCash DividendsCash Dividends PayableCommon StockTreasury Stock	- Select -	- Select -
	CashCash DividendsCash Dividends PayableCommon StockTreasury Stock	- Select -	- Select -

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g. Paid the cash dividends.