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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, $200 par (70,000 shares authorized, 35,000 shares issued)	$7,000,000
Paid-In Capital in Excess of ParPreferred Stock	1,120,000
Common Stock, $20 par (800,000 shares authorized, 210,000 shares issued)	4,200,000
Paid-In Capital in Excess of ParCommon Stock	550,000
Retained Earnings	27,284,000

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

1. Purchased 48,000 shares of treasury common for $22 per share.
2. Sold 24,000 shares of treasury common for $25 per share.
3. Issued 18,000 shares of preferred 2% stock at $214.
4. Issued 80,000 shares of common stock at $23, receiving cash.
5. Sold 16,000 shares of treasury common for $20 per share.
6. Declared cash dividends of $4.00 per share on preferred stock and $0.08 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 Cash 1,056,000 1,056,000 b. 600,000 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock 528,000 72,000 3,852,000 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 3,600,000 252,000 d. Cash 1,840,000 1,600,000 Common Stock Paid-In Capital in Excess of Par-Common Stock 240,000 e. 320,000 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock 32,000 352,000 f. X Cash Dividends Cash Dividends Payable g. Cash Dividends Payable Cash 11

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