Selected transactions completed by Oceano Boating Corporation during the current fiscal year are as follows:

{Instructions}
Journalize the transactions.objs. 2, 3, 4, 6

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Jan. 3. Split the common stock 2 for 1 and reduced the par from $50 to $25 per share. After the split, there were 400,000 common shares outstanding. Feb. 20. Purchased 50,000 shares of the corporation's own common stock at $32, record- ing the stock at cost. May 1. Declared semiannual dividends of $0.80 on 30,000 shares of preferred stock and $0.14 on the common stock to stockholders of record on May 15, payable on June 1. June 1. Paid the cash dividends. Aug. 5. Sold 42,000 shares of treasury stock at $39, receiving cash. Nov. 15. Declared semiannual dividends of $0.80 on the preferred stock and $0.15 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 $40. Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend.