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, $75 par (30,000 shares authorized, 15,000 shares issued) $1,125,000 Paid-In Capital in Excess of Par—Preferred Stock 180,000 Common Stock, $20 par (500,000 shares authorized, 170,000 shares issued) 3,400,000 Paid-In Capital in Excess of Par—Common Stock 440,000 Retained Earnings 10,907,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Purchased 30,000 shares of treasury common for $22 per share. Sold 15,000 shares of treasury common for $25 per share. Issued 8,000 shares of preferred 2% stock at $90. Issued 50,000 shares of common stock at $27, receiving cash. Sold 10,000 shares of treasury common for $20 per share. Declared cash dividends of $1.50 per share on preferred stock and $0.10 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions.

Question

Selected 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, $75 par (30,000 shares authorized, 15,000 shares issued) $1,125,000
Paid-In Capital in Excess of Par—Preferred Stock 180,000
Common Stock, $20 par (500,000 shares authorized, 170,000 shares issued) 3,400,000
Paid-In Capital in Excess of Par—Common Stock 440,000
Retained Earnings 10,907,000

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

  1. Purchased 30,000 shares of treasury common for $22 per share.
  2. Sold 15,000 shares of treasury common for $25 per share.
  3. Issued 8,000 shares of preferred 2% stock at $90.
  4. Issued 50,000 shares of common stock at $27, receiving cash.
  5. Sold 10,000 shares of treasury common for $20 per share.
  6. Declared cash dividends of $1.50 per share on preferred stock and $0.10 per share on common stock.
  7. 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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