Selected transactions completed by Carleton Aeronautic Supply Corporation during the current fiscal year were as follows:
Mar. 8. Split the common shares 4 for 1. After the split, 400,000 common shares were outstanding.
May. 3. Declared semiannual dividends of $2 on 20,000 preferred shares and $0.75 on the common shares to shareholders of record on June 5, payable on July 7. Carleton Aeronautic does not use a dividend account.
Jul. 7. Paid the cash dividends.
Oct. 2. Declared semiannual dividends of $2 on the preferred shares and $0.90 on the common shares (before the share dividend). In addition, a 3% common share dividend was declared on the common shares outstanding. The fair market value of the common shares is estimated at $42.
Dec. 5. Paid the cash dividends and issued the certificates for the common share dividend.
Journalize the transactions