Selected Stock 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, $175 par (50,000 shares authorized, 25,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (600,000 shares authorized, 200,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings 17,575,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 36,000 shares of treasury common for $20 per share. b. Sold 18,000 shares of treasury common for $23 per share. c. Issued 13,000 shares of preferred 2% stock at $188. d. Issued 60,000 shares of common stock at $18, receiving cash. e. Sold 12,000 shares of treasury common for $18 per share. f. Declared cash dividends of $3.50 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. If an amount box does not require an entry, leave it blank. $4,375,000 525,000 3,000,000 390,000 Check My Work 3 more Check My Work uses remaining Previous
Selected Stock 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, $175 par (50,000 shares authorized, 25,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (600,000 shares authorized, 200,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings 17,575,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 36,000 shares of treasury common for $20 per share. b. Sold 18,000 shares of treasury common for $23 per share. c. Issued 13,000 shares of preferred 2% stock at $188. d. Issued 60,000 shares of common stock at $18, receiving cash. e. Sold 12,000 shares of treasury common for $18 per share. f. Declared cash dividends of $3.50 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. If an amount box does not require an entry, leave it blank. $4,375,000 525,000 3,000,000 390,000 Check My Work 3 more Check My Work uses remaining Previous
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Selected Stock 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, $175 par (50,000 shares authorized, 25,000 shares issued)
Paid-In Capital in Excess of Par-Preferred Stock
Common Stock, $15 par (600,000 shares authorized, 200,000 shares issued)
Paid-In Capital in Excess of Par-Common Stock
Retained Earnings
17,575,000
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
a. Purchased 36,000 shares of treasury common for $20 per share..
b. Sold 18,000 shares of treasury common for $23 per share.
c. Issued 13,000 shares of preferred 2% stock at $188.
d. Issued 60,000 shares of common stock at $18, receiving cash.
e. Sold 12,000 shares of treasury common for $18 per share.
f. Declared cash dividends of $3.50 per share on preferred stock and $0.06 per share on common stock.
9. Paid the cash dividends.
Required:
Journalize the entries to record the transactions.
If an amount box does not require an entry, leave it blank.
b.
$4,375,000
525,000
3,000,000
390,000
Check My Work 3 more Check My Work uses remaining
Previous
Transcribed Image Text:eBook
If an amount box does not require an entry, leave it blank.
8.
b.
d.
f
Show Me How
9.
000 00
00 00
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