Acc280 Financial Accounting: P11-3A Coil Welding Corporation sells and services pipe

Acc280 Financial Accounting
P11-3A
Coil Welding Corporation sells and services pipe welding equipment in California. The following selected accounts appear in the ledger of coil welding corporation on February 1,2010, the beginning of the current fiscal year:
Preferred 2% stock, $25 par (50,000 shares authorized, 40,000 shares issued) 1,000,000
Paid –In Capital in Excess of Par- Preferred stock 240,000
Common Stock, $5 par (1,000,000 shares authorized, 750,000 shares issued 3,750,000
Paid-In capital in excess of par- common stock 6,000,000
Retained Earnings 36,785,000

During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows:
a. Purchased 60,000 shares of treasury common for $540,000
b. Sold 42,000 shares of treasury common for $462,000.
c. Issued 7,500 shares of preferred 2% stock at $38.
d. Issued 120,000 shares of common stock at $15, receiving cash.
e. Sold 13,000 shares of treasury common for 110,500.
f. Declared cash dividends of $0.50 per share on preferred stock and $0.42 per share on common stock.
g. Paid cash dividends.

Instructions
Journalize the entries to record the transactions
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