Entries for selected corporate transactions OBJ. 2, 3, 4, 6 Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows:

Jan. 9. Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding.

Feb. 28. Purchased 40,000 shares of the corporation’s own common stock at $28, recording the stock at cost.

May 1. Declared semiannual dividends of $0.80 on 75,000 shares of preferred stock and $0.12 on the common stock to stockholders of record on June 1, payable on July 10.

July 10. Paid the cash dividends.

Sept. 7. Sold 30,000 shares of treasury stock at $34, receiving cash.

Oct. 1. Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36.

Dec. 1. Paid the cash dividends and issued the certificates for the common stock dividend.

Instructions Journalize the transactions.