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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, $80 par (100,000 shares authorized, 60,000 shares issued) $5,200,000 Paid-In Capital in Excess of Par—Preferred Stock 230,000 Common Stock, $5 par (6,000,000 shares authorized, 3,150,000 shares issued) 15,250,000 Paid-In Capital in Excess of Par—Common Stock 1,400,000 Retained Earnings 52,480,000   During the year, the corporation completed a number of transactions affecting the stockholders’ equity. Journalize eachof the followingtransactionsand identify each entry by letter:   A. Purchased 87,500 shares of treasury common for $9per share. B. Sold 55,000 shares of treasury common for $10per share. C. Issued 20,000 shares of preferred 3% stock at $84. D. Issued 400,000 shares of common stock at $12, receiving cash. E. Sold 18,000 shares of treasury common for $7.75per share. F. Declared cash dividends of $1.50 per share on preferred stock and $0.04per share on common stock. G. Paid the cash dividends.

- November 14, 2022 - Edwin Tunner
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, $80 par (100,000 shares authorized, 60,000 shares issued) $5,200,000
Paid-In Capital in Excess of Par—Preferred Stock 230,000
Common Stock, $5 par (6,000,000 shares authorized, 3,150,000 shares issued) 15,250,000
Paid-In Capital in Excess of Par—Common Stock 1,400,000
Retained Earnings 52,480,000
 
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. Journalize eachof the followingtransactionsand identify each entry by letter:
 
A. Purchased 87,500 shares of treasury common for $9per share.
B. Sold 55,000 shares of treasury common for $10per share.
C. Issued 20,000 shares of preferred 3% stock at $84.
D. Issued 400,000 shares of common stock at $12, receiving cash. E. Sold 18,000 shares of treasury common for $7.75per share.
F. Declared cash dividends of $1.50 per share on preferred stock and $0.04per share on common stock.
G. Paid the cash dividends.
 
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