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) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: . Purchased 87,500 shares of treasury common for $8 per share. Sold 55,000 shares of treasury common for $11 per share. Issued 20,000 shares of preferred 2% stock at $84. . Issued 400,000 shares of common stock at $13, receiving cash. Sold 18,000 shares of treasury common for $7.50 per share. F. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock. . Paid the cash dividends. Required:

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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)
Paid-In Capital in Excess of Par-Preferred Stock
Common Stock, $9 par (3,000,000 shares authorized,
1,750,000 shares issued)
Paid-In Capital in Excess of Par-Common Stock
Retained Earnings
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are
summarized as follows:
a. Purchased 87,500 shares of treasury common for $8
per share.
b. Sold 55,000 shares of treasury common for $11 per
share.
c. Issued 20,000 shares of preferred 2% stock at $84.
d. Issued 400,000 shares of common stock at $13,
receiving cash.
e. Sold 18,000 shares of treasury common for $7.50 per
share.
f. Declared cash dividends of $1.60 per share on
preferred stock and $0.05 per share on common stock.
g. Paid the cash dividends.
Required:
Journalize the entries to record the transactions.
If an amount box does not
a.
b.
C.
d.
e.
f.
require
000 000 000 000 00
00000
an entry, leave it blank.
Transcribed Image Text: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) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not a. b. C. d. e. f. require 000 000 000 000 00 00000 an entry, leave it blank.
Required:
Journalize the entries to record the transactions.
If an amount box does not require an entry, leave it blar
a.
b.
C.
d.
e.
f.
g.
100 00
Transcribed Image Text:Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blar a. b. C. d. e. f. g. 100 00
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