Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected...

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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, $75 par (40,000 shares authorized, 20,000 shares issued) $1,500,000 Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (500,000 shares authorized, 300,000 shares issued) 180,000 3,000,000 390,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 10,748,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 30,000 shares of treasury common for $15 per share. b. Sold 15,000 shares of treasury common for $18 per share. c. Issued 10,000 shares of preferred 2% stock at $87. d. Issued 50,000 shares of common stock at $17, receiving cash. e. Sold 10,000 shares of treasury common for $13 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the 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 (40,000 shares authorized, 20,000 shares issued) $1,500,000 Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (500,000 shares authorized, 300,000 shares issued) 180,000 3,000,000 390,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 10,748,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 30,000 shares of treasury common for $15 per share. b. Sold 15,000 shares of treasury common for $18 per share. c. Issued 10,000 shares of preferred 2% stock at $87. d. Issued 50,000 shares of common stock at $17, receiving cash. e. Sold 10,000 shares of treasury common for $13 per share. f. Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions.

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Here are the journal entries to record the transactions for Diamondback Welding Fabrication Corporat... View the full answer