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

Preferred $2\%$ Stock, $$80$ par $(200,000$ shares authorized, $65,000$ shares issued$)$

$$5,200,000$

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

$360,000$

Common Stock, $$12$ par $(3,000,000$ shares authorized, $1,400,000$ shares issued$)$

$16,800,000$

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

$1,290,000$

Retained Earnings

$110,900,000$

During the year, the corporation completed a number of transactions affecting the stockholders$$ equity. They are summarized

as follows:

Issued $220,000$ shares of common stock at $$15,$ receiving cash.

Issued $6,000$ shares of preferred $2\%$ stock at $$94.$

Purchased $130,000$ shares of treasury common for $$19$ per share.

Sold $70,000$ shares of treasury common for $$23$ per share.

Sold $40,000$ shares of treasury common for $$17$ per share.

Declared cash dividends of $$1\mathrm{.}60$ per share on preferred stock and $$0\mathrm{.}14$ per share on common stock.

Paid the cash dividends.

Instructions

Journalize the entries to record the transactions. Identify each entry by letter.

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