Entries for Selected Corporate Transactions

Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows.

Instructions:

Journalize the transactions. If no entry is required, select "No entry required" from the dropdown box and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.

Jan. 15. Split the common stock 5 for 1 and reduced the par from $75 to $15 per share. After the split, there were 475,000 common shares outstanding.

Date	Account	Debit	Credit
Jan. 9.

Feb. 28. Purchased 38,000 shares of the corporation's own common stock at $20, recording the stock at cost.

Date	Account	Debit	Credit
Feb. 28.

May 1. Declared semiannual dividends of $3.10 on 30,000 shares of preferred stock and $0.3 on the common stock to stockholders of record on June 1, payable on July 10.

Date	Account	Debit	Credit
May 1.

July 10. Paid the cash dividends.

Date	Account	Debit	Credit
July 10.

Sept. 7. Sold 27,000 shares of treasury stock at $28, receiving cash.

Date	Account	Debit	Credit
Sept. 7.

Oct. 1. Declared semiannual dividends of $3.10 on the preferred stock and $0.36 on the common stock (before the stock dividend).

Date	Account	Debit	Credit
Oct. 1.

Oct. 1. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $30.

Date	Account	Debit	Credit
Oct. 1.

Dec. 1. Paid the cash dividends.

Date	Account	Debit	Credit
Dec. 1.

Dec. 1. Issued the certificates for the common stock dividend.

Date	Account	Debit	Credit
Dec. 1.