Ashton Corporation is a lighting fixture wholesaler located in Manitoba. The following selected accounts appear in the ledger of Ashton Corporation on January 1, 2013, the beginning of the current fiscal year:
$2 preferred shares (100,000 shares authorized,
10,000 shares issued and outstanding) ............................ $1,000,000
Common shares (unlimited authorized,
40,000 shares issued and outstanding) ............................. 800,000
During its current fiscal year, Ashton Corporation completed the following selected transactions:
Feb. 3. Purchased and retired 2,500 of its common shares at $26 per share.
May 1. Declared a semiannual dividend on the 10,000 preferred shares and a $0.30 dividend on the common shares to shareholders of record on May 31, payable on June 15. Ashton Corporation does not use dividend accounts.
Jun. 15. Paid the cash dividends.
Sep. 28. Purchased and retired 1,000 shares at $18 per share.
Nov. 1. Declared semiannual dividends on the preferred shares and $0.30 on the common shares. In addition, a 5% share dividend was declared on the common shares outstanding, to be capitalized at the fair market price of $19 per share.
Dec. 1. Paid the cash dividends and issued the certificates for the common share dividend.
Instructions
Journalize the entries to record the transactions for Ashton Corporation.