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) $5,200,000 Paid-In Capital in Excess of Par—Preferred Stock 230,000 Common Stock, $5 par (6,000,000 shares authorized, 3,150,000 shares issued) 15,250,000 Paid-In Capital in Excess of Par—Common Stock 1,400,000 Retained Earnings 52,480,000   During the year, the corporation completed a number of transactions affecting the stockholders’ equity. Journalize each of the following transactions and identify each entry by letter:    Purchased 87,500 shares of treasury common for $9 per share.  Sold 55,000 shares of treasury common for $10 per share.  Issued 20,000 shares of preferred 3% stock at $84.  Issued 400,000 shares of common stock at $12, receiving cash.  Sold 18,000 shares of treasury common for $7.75 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.

A recent stockholders' equity section of Aluminum Company of America (Alcoa) showed the following (in alphabetical order): additional paid-in capital $6,101, common stock $925, preferred stock $56, retained earnings $7,428, and treasury stock $2,828. (All dollar data are in millions.) The preferred stock has 557,740 shares authorized, with a par value of $100 and an annual $3.75 per share cumulative dividend preference. At December 31 of the current year, 557,649 shares of preferred are issued and 546,024 shares are outstanding. There are 1.8 billion shares of $1 par value common stock authorized, of which 924.6 million are issued and 844.8 million are outstanding at December 31. (a) Prepare the stockholders' equity section of the current year, including disclosure of all relevant data. (Enter amounts in millions. Enter the account name only and do not provide the descriptive information provided in the question.) ALUMINUM COMPANY OF AMERICA Balance Sheet (Partial)

Selected stock transactionsThe following selected accounts appear in the ledger of Upscale Construction, Inc. at the beginning of the current year:Preferred 2% stock, $80 par (200,000 shares authorized, 65,000 shares issued)$5,200,000Paid in Capital in Excess of Par-Preferred Stock360,000Common Stock, $12 par (3,000,000 shares authorized, 1,400,000 shares issued)16,800,000Paid in Capital in Excess of Par-Common Stock 1,290,000Retained Earnings110,900,000During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:a. Issued 220,000 shares of common stock at $15, receiving cash.b. Issued 6,000 shares of preferred 2% stock at $94.c. Purchased 130,000 shares of treasury common for $19 per share.d. Sold 70,000 shares of treasury common for $23 per share.e. Sold 40,000 shares of treasury common for $17 per share.f. Declared cash dividends of $1.60 per share on preferred stock and $0.14 per share on common stock.g. Paid…

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued) $8,000,000 Paid-In Capital in Excess of Par—Preferred Stock 440,000 Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) 20,000,000 Paid-In Capital in Excess of Par—Common Stock 2,280,000 Retained Earnings 115,400,000   During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: a. Issued 200,000 shares of common stock at $12, receiving cash. b. Issued 8,000 shares of preferred 2% stock at $115. c. Purchased 175,000 shares of treasury common for $10 per share. d. Sold 110,000 shares of treasury common for $14 per share. e. Sold 30,000 shares of treasury common for $8 per share. f. Declared cash dividends of $1.25 per share on preferred stock and $0.08 per share on…

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) $3,980,000 Paid-In Capital in Excess of Par—Preferred Stock 159,200 Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) 5,610,000 Paid-In Capital in Excess of Par—Common Stock 1,215,500 Retained Earnings 31,497,000   During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: a. Issued 532,900 shares of common stock at $9, receiving cash. b. Issued 11,000 shares of preferred 1% stock at $58. c. Purchased 45,400 shares of treasury common for $8 per share. d. Sold 21,400 shares of treasury common for $10 per share. e. Sold 4,300 shares of treasury common for $7 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.07 per share on common…

Dekalb Resorts has been in business since 1987.The stockholders' equity section of Dekalb's balance sheet on January 1, 2019 is as follows: Common Stock (Par value $25.00 per share; 50,000 shares authorized; 28,000 shares issued and outstanding) Additional Paid-in Capital on Common Stock Preferred Stock (Par value $5.00 per share; 5,000 shares authorized; 3,000 shares issued and outstanding) Additional Paid-in Capital on Preferred Stock Retained Earnings Total Stockholders' Equity Stockholders' Equity Section as of January 1, 2019 Date July 15, 2019 700,000 100,000 15,000 7,000 560.000 1,382,000 Required: 1. Prepare the journal entries for the following three transactions: On July 15, 2019, Dekalb issues 600 shares of its preferred stock, receiving $15.00 per share. Accounts debits credits On December 31, 2019, Dekalb declares annual dividends on preferred stock. Dividends are to be paid on the shares of preferred stock outstanding on December 31, 2019. Each share of preferred stock…

The Sneed Corporation issues 11,100 shares of $54 par preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $688,200 and a credit or credits to a.Paid-in Capital from Preferred Stock for $688,200. b.Preferred stock for $599,400 and Paid-in Capital in Excess of Par Value−Preferred Stock for $88,800. c.Preferred Stock for $688,200. d.Preferred Stock for $599,400 and Retained Earnings for $88,800.

Truman Co. is a publicly held company whose shares are traded in the over-the-counter market. The shareholders' equity at December 31, 2018, is comprised of the following:   Preferred stock, $100 par value, 6% cumulative (5,000 shares authorized, 2,000 issued and outstanding) $ 200,000 Common stock, $1 par value (150,000 shares authorized, 100,000 issued and outstanding) 100,000 Additional paid-in capital 800,000 Retained earnings 1,586,000 Total shareholders' equity $2,686,000   Transactions during 2019 and other information relating to the shareholders' equity accounts were as follows: February 2, 2019—Issued 13,000 shares of common stock to Wolf Co. in exchange for land. On the date issued, the stock had a market price of $11 per share. The land had a carrying value on Wolf's books of $135,000 and an assessed value for property taxes of $90,000. March 2, 2019—Purchased 5,000 shares of its own common stock to be held as treasury stock for $14 per share. Truman uses the…

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (100,000 shares authorized. 80,000 shares issued) b. Paid-In Capital in Excess of Par-Preferred Stock g. Common Stock. $5 par (5,000,000 shares authorized, 4,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings Issued 220,000 shares of common stock at $14, receiving cash. $ 8,000,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Paid the cash dividends. 440,000 INSTRUCTIONS 20,000,000 Issued 12,000 shares of preferred 2% stock at $110. c. Purchased 160,000 shares of treasury common for $10 per share. d. Sold 105,000 shares of treasury common for $16 per share. Sold 40,000 shares of treasury common for $8 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock.…

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) $5,200,000 Paid-In Capital in Excess of Par—Preferred Stock 230,000 Common Stock, $5 par (6,000,000 shares authorized, 3,150,000 shares issued) 15,250,000 Paid-In Capital in Excess of Par—Common Stock 1,400,000 Retained Earnings 52,480,000   During the year, the corporation completed a number of transactions affecting the stockholders’ equity. Journalize eachof the followingtransactionsand identify each entry by letter:   A. Purchased 87,500 shares of treasury common for $9per share. B. Sold 55,000 shares of treasury common for $10per share. C. Issued 20,000 shares of preferred 3% stock at $84. D. Issued 400,000 shares of common stock at $12, receiving cash. E. Sold 18,000…