Entries for selected corporate transactions OBJ. 2, 3, 4, 6 West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions completed by West Yellowstone Outfitters during the current fiscal year are as follows:

Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding.
Mar. 1. Declared semiannual dividends of $0.25 on 100,000 shares of preferred stock and $0.07 on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30.
Apr. 30. Paid the cash dividends.
May 31. Purchased 60,000 shares of the corporation’s own common stock at $32, recording the stock at cost.
Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash.
Sept. 1. Declared semiannual dividends of $0.25 on the preferred stock and $0.09 on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40.
Oct. 31. Paid the cash dividends and issued the certificates for the common stock dividend.
Instructions Journalize the transactions.