Pattis Pumps (PP) is a new business and the board of directors and on January 1, 20x0 authorized the issuance of up to 100,000 shares of $0.01 par value Class A Common Stock, 500,000 shares of $0.01 par value, non-voting Class B Common Stock, and 20,000 shares of $100 par value, 8%, cumulative, participating Preferred Stock. Record the journal entries for the following transactions.

1. On March 31, 20x0, PP declared and issued a stock dividend to all Class A shareholders of 10% more stock. The fair market value of the Class A stock on this day was $14. 2. On April 30, 20x0, PP declared and issued a stock dividend to all Class B shareholders of 40% more stock. The fair market value of the Class A stock on this day was $12. 3. On May 31, 20x0, PP repurchased 5,000 shares of Class A stock for $80,000. 4. On June 5, 20x0, PP resold 3,000 shares of the Class A Treasury Stock for $17 per share. 5. On June 15, 20x0, PP resold 1,000 shares of Class A Treasury Stock for $11 per share. 6. On December 15, 20x1, PP declared a dividend of $800,000. Calculate how much each class of stock receives and record the necessary journal entry. The dividend was paid on Dec 31, 20x

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