February 1, 2011: The dividends declared in January were paid.

Required: prepare journal entries to record the transactions.

The owner's Equity section of the balance sheet of ovlov Corporation on December 31, 2009, was as follows: 4,000,000 $8.00 preferred stock (40,000 shares, par value $100) Common stock (no par value, 5,000,000 shares issued and outstanding) 21,000,000 7,000,000 Retained earnings $32,000,000 Total owner's equity The board of directors took the following actions: December 31, 2010 l. A 2-for-1 stock split of common stock was declared 2. 12,000 shares of its outstanding preferred stock were purchased by Ovlov at $114 per share. January 1, 2011: l. The preferred dividend of S8.00 was declared. 2. A cash dividend of $.15 a share on common stock outstanding on January 1 was declared 3. A stock dividend of ho of a share was declared on common stock, effective February 1