The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $75 par (40,000 shares authorized, 20,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (500,000 shares authorized, 280,000 shares issued) $1,500,000 240,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 2,800,000 360,000 10,388,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 50,000 shares of common stock at $14, receiving cash. b. Issued 10,000 shares of preferred 2% stock at $91. c. Purchased 30,000 shares of treasury common for $12 per share. d. Sold 15,000 shares of treasury common for $15 per share. e. Sold 10,000 shares of treasury common for $10 per share. f. Declared cash dividends of $1.50 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 50,000 shares of common stock at $14, receiving cash. b. Issued 10,000 shares of preferred 2% stock at $91. c. Purchased 30,000 shares of treasury common for $12 per share. 38 d. Sold 15,000 shares of treasury common for $15 per share. e. Sold 10,000 shares of treasury common for $10 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends. 38