Alfred Art Ltd. sells native art to specialty stores in western Canada. The following selected accounts appear in the ledger of Alfred Art Ltd. at June 1, 2015, the beginning of the current fiscal year:
$0.60 preferred shares (5,000,000 shares authorized,
250,700 shares issued and outstanding) ......................... $2,507,000
Common shares (unlimited authorized,
700,000 shares issued and outstanding) ......................... 3,451,000
Retained earnings ................................................... 2,529,620
Selected transactions completed by Alfred Art Ltd. during the fiscal year ended May 31, 2016, were as follows:
a. On November 30, 2015, repurchased and retired 100,000 shares at $6 per share.
b. On December 1, 2015, declared semiannual dividends of $0.25 per common share (to shareholders of record on December 31, 2015, payable on January 15, 2016) and $0.30 per preferred share.
c. On February 25, 2016, repurchased and retired 100,000 shares at $4 per share.
d. On May 1, 2016, declared semiannual dividends of $0.32 per common share and $0.30 per preferred share (to shareholders of record on May 31, 2016, payable on June 30, 2016).
e. On May 31, 2016, declared a 5% share dividend on the common shares outstanding, when the shares had a fair market value of $4.50 per share, to shareholders of record on June 30, 2016, distributable on July 31, 2016.
Instructions
Journalize the selected transactions for the year ended May 31, 2016.