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 $175 to $35 per share. After the split, there were 775,000 common shares outstanding. Feb. 28. Purchased 62,000 shares of the corporation's own common stock at $39, recording the stock at cost. May 1. Declared semiannual dividends of $1.90 on 40,000 shares of preferred stock and $0.1 on the common stock to stockholders of record on June 1, payable on July 10. July 10. Paid the cash dividends. Sept. 7. Sold 45,000 shares of treasury stock at $47, receiving cash. Oct. 1. Declared semiannual dividends of $1.90 on the preferred stock and $0.16 on the common stock (before the stock dividend). 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 $49. Dec. 1. Paid the cash dividends. Dec. 1. Issued the certificates for the common stock dividend.