Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
Jan. 15. Split the common stock 5 for 1 and reduced the par from $75 to $15 per share. After the split, there were 475,000 common shares outstanding.
Feb. 28. Purchased 38,000 shares of the corporation's own common stock at $20, recording the stock at cost.
May 1. Declared semiannual dividends of $3.10 on 30,000 shares of preferred stock and $0.3 on the common stock to stockholders of record on June 1, payable on July 10.
July 10. Paid the cash dividends.
Sept. 7. Sold 27,000 shares of treasury stock at $28, receiving cash.
Oct. 1. Declared semiannual dividends of $3.10 on the preferred stock and $0.36 on the common stock (before the stock dividend).
Oct. 1. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $30.
Dec. 1. Paid the cash dividends.
Dec. 1. Issued the certificates for the common stock dividend.
Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
Jan. 15. Split the common stock 5 for 1 and reduced the par from $75 to $15 per share. After the split, there were 475,000 common shares outstanding.
Feb. 28. Purchased 38,000 shares of the corporation's own common stock at $20, recording the stock at cost.
May 1. Declared semiannual dividends of $3.10 on 30,000 shares of preferred stock and $0.3 on the common stock to stockholders of record on June 1, payable on July 10.
July 10. Paid the cash dividends.
Sept. 7. Sold 27,000 shares of treasury stock at $28, receiving cash.
Oct. 1. Declared semiannual dividends of $3.10 on the preferred stock and $0.36 on the common stock (before the stock dividend).
Oct. 1. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $30.
Dec. 1. Paid the cash dividends.
Dec. 1. Issued the certificates for the common stock dividend.
Related questions
Selected transactions completed by Primo Discount Corporationduring the current fiscal year are as follows:
| Jan. | 9 | Split the common stock 3 for 1 andreduced the par from $75 to $25 per share. After the split, therewere 1,092,000 common shares outstanding. |
| Feb. | 28 | Purchased 39,500 shares of thecorporationâs own common stock at $29, recording the stock atcost. |
| May | 1 | Declared semiannual dividends of$0.60 on 74,300 shares of preferred stock and $0.14 on the commonstock to stockholders of record on June 1, payable on July 10. |
| Jul. | 10 | Paid the cash dividends. |
| Sep. | 7 | Sold 28,500 shares of treasurystock at $33, receiving cash. |
| Oct. | 1 | Declared semiannual dividends of$0.60 on the preferred stock and $0.14 on the common stock (beforethe stock dividend). In addition, a 5% common stock dividend wasdeclared on the common stock outstanding. The fair market value ofthe common stock is estimated at $38. |
| Dec. | 1 | Paid the cash dividends and issuedthe certificates for the common stock dividend. |
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
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