Journal Entries

Declared a cash dividend on the 9,000 shares of $3.50, no-par preferred stock outstanding. Declared a $0.45 per share dividend on the 17,000 shares of common stock outstanding. The date of record is January 17, and the payment date is January 20. Paid the cash dividends. Split common stock 2-for-1 by calling in the 17,000 shares of $4 par common stock and issuing new stock in its place. Declared and distributed a 5% stock dividend on the common stock. The market value of the common stock was $29 per share. Purchased 8,000 shares of treasury common stock at $27 per share. Sold 4,000 shares of treasury common stock for $29 per share