P14-33B Maxfli Hot Air Balloons, Inc., completed the following selected transac- tions during 2009 Declared a cash dividend on the 10,000 shares of $1.50, no- par preferred stock. Declared a S0.20 per share dividend on the 10,000 shares of common stock outstanding. The date of record is February 16, and the payment date is February 28 (pp. 653-655) Paid the cash dividends. (pp. 653-655) Split common stock 2 for 1. Before the split, Maxfli had 10,000 shares of $10 par common stock outstanding. (p. 694) Distributed a 10% stock dividend on the common stock The market value of the common stock was $27 per share. (pp. 692-693) Purchased 2,000 shares of treasury stock at $25 per share (pp. 694-695) Sold 1,000 shares of treasury stock for $28 per share. (p. 696) Feb. 9 Feb. 28 Mar. 21 Apr. 18 June 18 Dec. 22 Requirement Record the transactions in the general journal Corporations: Retained Earnings and the Income Statemen 725