Question
Entries for selected corporated transacitons Selected transactions competed by Primo Discount Corporation during the current fiscal year are as follows: Jan. 9. Split the common
Entries for selected corporated transacitons
Selected transactions competed 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 semiannaual 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 $.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 certificate for the common stock dividend.
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