Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication Corporation at the beginning of the current fiscal year:

Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) $4,800,000
Paid-In Capital in Excess of Par—Preferred Stock 210,000
Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) 15,750,000
Paid-In Capital in Excess of Par—Common Stock 1,400,000
Retained Earnings 52,840,000
During the year, the corporation completed a number of transactions affecting the stockholders’ equity

The owners' equity in a corporation.

. They are summarized as follows:

Feb. 2 Purchased 87,500 shares of treasury common for $8 per share.
Mar. 16 Sold 55,000 shares of treasury common for $11 per share.
May 7 Issued 20,000 shares of preferred 2% stock at $84.
Jun. 27 Issued 400,000 shares of common stock
The stock outstanding when a corporation has issued only one class of stock.

at $13, receiving cash.
Aug. 30 Sold 18,000 shares of treasury common for $7.50 per share.
Dec. 5 Declared cash dividends
A cash distribution of earnings by a corporation to its shareholders.

of $1.60 per share on preferred stock
A class of stock with preferential rights over common stock.

and $0.05 per share on common stock.
31 Paid the cash dividends
Distributions of a corporation's earnings to stockholders.

.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS
Diamondback Welding & Fabrication Corporation
General Ledger
ASSETS
110 Cash
120 Accounts Receivable
131 Notes Receivable
132 Interest Receivable
141 Merchandise Inventory
145 Office Supplies
151 Prepaid Insurance
181 Land
193 Equipment
194 Accumulated Depreciation-Equipment
LIABILITIES
210 Accounts Payable
221 Notes Payable
226 Interest Payable
231 Cash Dividends Payable
236 Stock Dividends Distributable
241 Salaries Payable
261 Mortgage Note Payable
EQUITY
311 Common Stock
312 Paid-In Capital in Excess of Par-Common Stock
315 Treasury Stock
321 Preferred Stock
322 Paid-In Capital in Excess of Par-Preferred Stock
331 Paid-In Capital from Sale of Treasury Stock
340 Retained Earnings
351 Cash Dividends
352 Stock Dividends
390 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
515 Credit Card Expense
520 Salaries Expense
531 Advertising Expense
532 Delivery Expense
533 Selling Expenses
534 Rent Expense
535 Insurance Expense
536 Office Supplies Expense
537 Organizational Expenses
562 Depreciation Expense-Equipment
590 Miscellaneous Expense
710 Interest