Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment 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 (70,000 shares authorized, 35,000 shares issued) $2,625,000 Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (700,000 shares authorized, 190,000 shares issued) 315,000 2,850,000 370,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 13,059,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized a. Purchased 42,000 shares of treasury common for $16 per share. b. Sold 21,000 shares of treasury common for $19 per share. c. Issued 18,000 shares of preferred 2% stock at $88. d. Issued 70,000 shares of common stock at $18, receiving cash. e. Sold 14,000 shares of treasury common for $14 per share. 1. 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. record the transactions. If an amount box does not require a. b. e. f. 000 000 000 0000 an entry, leave it blank. 000 000 000 0000 follows:
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment 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 (70,000 shares authorized, 35,000 shares issued) $2,625,000 Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (700,000 shares authorized, 190,000 shares issued) 315,000 2,850,000 370,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 13,059,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized a. Purchased 42,000 shares of treasury common for $16 per share. b. Sold 21,000 shares of treasury common for $19 per share. c. Issued 18,000 shares of preferred 2% stock at $88. d. Issued 70,000 shares of common stock at $18, receiving cash. e. Sold 14,000 shares of treasury common for $14 per share. 1. 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. record the transactions. If an amount box does not require a. b. e. f. 000 000 000 0000 an entry, leave it blank. 000 000 000 0000 follows:
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 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 (70,000 shares authorized, 35,000 shares issued)
$2,625,000
Paid-In Capital in Excess of Par-Preferred Stock
315,000
2,850,000
370,000
13,059,000
Common Stock, $15 par (700,000 shares authorized, 190,000 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 42,000 shares of treasury common for $16 per share.
b. Sold 21,000 shares of treasury common for $19 per share.
c. Issued 18,000 shares of preferred 2% stock at $88.
d. Issued 70,000 shares of common stock at $18, receiving cash.
e. Sold 14,000 shares of treasury common for $14 per share.
1. Declared cash dividends $1.50 per share on preferred stock and $0.06 per share on common stock.
g. Paid the cash dividends.
Required:
Journalize the entries record the transactions.
If an amount box does not require an entry, leave it blank.
b
C.
10000
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