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 (60,000 shares authorized, 30,000 shares issued) $2,250,000 Paid-In Capital in Excess of Par—Preferred Stock 270,000 Common Stock, $25 par (800,000 shares authorized, 220,000 shares issued) 5,500,000 Paid-In Capital in Excess of Par—Common Stock 720,000 Retained Earnings 18,529,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Purchased 48,000 shares of treasury common for $30 per share. Sold 24,000 shares of treasury common for $33 per share. Issued 15,000 shares of preferred 2% stock at $87. Issued 80,000 shares of common stock at $28, receiving cash. Sold 16,000 shares of treasury common for $28 per share. Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Treasury Stock fill in the blank 2 fill in the blank 3 Cash fill in the blank 5 fill in the blank 6 b. Cash fill in the blank 8 fill in the blank 9 Paid-In Capital from Sale of Treasury Stock fill in the blank 11 fill in the blank 12 Treasury Stock fill in the blank 14 fill in the blank 15 c. Cash fill in the blank 17 fill in the blank 18 Preferred Stock fill in the blank 20 fill in the blank 21 Paid-In Capital in Excess of Par-Preferred Stock fill in the blank 23 fill in the blank 24 d. Cash fill in the blank 26 fill in the blank 27 Common Stock fill in the blank 29 fill in the blank 30 Paid-In Capital in Excess of Par-Common Stock fill in the blank 32 fill in the blank 33 e. Cash fill in the blank 35 fill in the blank 36 Paid-In Capital from Sale of Treasury Stock fill in the blank 38 fill in the blank 39 Treasury Stock fill in the blank 41 fill in the blank 42 f. fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 g. fill in the blank 50 fill in the blank 51 fill in the blank 53 fill in the blank 54
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 (60,000 shares authorized, 30,000 shares issued) $2,250,000
Paid-In Capital in Excess of Par—Preferred Stock 270,000
Common Stock, $25 par (800,000 shares authorized, 220,000 shares issued) 5,500,000
Paid-In Capital in Excess of Par—Common Stock 720,000
Retained Earnings 18,529,000
During the year, the corporation completed a number of transactions affecting the
Purchased 48,000 shares of treasury common for $30 per share.
Sold 24,000 shares of treasury common for $33 per share.
Issued 15,000 shares of preferred 2% stock at $87.
Issued 80,000 shares of common stock at $28, receiving cash.
Sold 16,000 shares of treasury common for $28 per share.
Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock.
Paid the cash dividends.
Required:
If an amount box does not require an entry, leave it blank.
a.
fill in the blank 2
fill in the blank 3
Cash
fill in the blank 5
fill in the blank 6
b.
Cash
fill in the blank 8
fill in the blank 9
Paid-In Capital from Sale of Treasury Stock
fill in the blank 11
fill in the blank 12
Treasury Stock
fill in the blank 14
fill in the blank 15
c.
Cash
fill in the blank 17
fill in the blank 18
Preferred Stock
fill in the blank 20
fill in the blank 21
Paid-In Capital in Excess of Par-Preferred Stock
fill in the blank 23
fill in the blank 24
d.
Cash
fill in the blank 26
fill in the blank 27
Common Stock
fill in the blank 29
fill in the blank 30
Paid-In Capital in Excess of Par-Common Stock
fill in the blank 32
fill in the blank 33
e.
Cash
fill in the blank 35
fill in the blank 36
Paid-In Capital from Sale of Treasury Stock
fill in the blank 38
fill in the blank 39
Treasury Stock
fill in the blank 41
fill in the blank 42
f.
fill in the blank 44
fill in the blank 45
fill in the blank 47
fill in the blank 48
g.
fill in the blank 50
fill in the blank 51
fill in the blank 53
fill in the blank 54
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