ASSIGNMENT / CH13-HOP-2 Light & Light Inc. is a lighting fixture wholesaler located in Texas. During its fiscal year, ended December 31, 2012, Light & Light Inc. completed the following selected transactions: Feb: 03 Purchased 2,000 shares of its own common stock at $30, recording the stock at cost. (Prior to the purchase, there were 42,000 shares of $25 par common stock outstanding). May: 01 Declared a semi-annual dividend of $1.15 on the 10,000 shares of preferred stock and a $0.25 dividend on the common stock to stockholders of record on May 31, payable on June 15. June: 15 Paid the cash dividends. Sept: 23 Sold 1,000 shares of treasury stock at $32, receiving cash. Nov: 01 Declared semi-annual dividends of $1.15 on the preferred stock and $0.25 on the common stock. In addition, a 6% 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 $35. Dec: 01 Paid the cash dividends and issued the certificates for the common stock dividend. INSTRUCTIONS: Journalize the entries to record the transactions for Light & Light Inc