Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows:

Jan.	9	Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding.
Feb.	28	Purchased 40,000 shares of the corporations own common stock at $28, recording the stock at cost.
May	1	Declared semiannual dividends of $0.80 per share on 75,000 shares of preferred stock and $0.12 per share on the common stock to stockholders of record on June 1, payable on July 10.
Jul.	10	Paid the cash dividends.
Sep.	7	Sold 30,000 shares of treasury stock at $34, receiving cash.
Oct.	1	Declared semiannual dividends of $0.80 per share on the preferred stock and $0.12 per share on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36.
Dec.	1	Paid the cash dividends and issued the certificates for the common stock dividend.

Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Primo Discount Corporation

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
241	Salaries Payable
261	Mortgage Note Payable

	EQUITY
236	Stock Dividends Distributable
311	Common Stock
312	Paid-In Capital in Excess of Par-Common Stock
315	Treasury Stock
321	Preferred Stock
322	Paid-In Capital in Excess of Par-Preferred Stock
331	Paid-In Capital from Sale of Treasury Stock
340	Retained Earnings
351	Cash Dividends
352	Stock Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
515	Credit Card Expense
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Selling Expenses
534	Rent Expense
535	Insurance Expense
536	Office Supplies Expense
537	Organizational Expenses
562	Depreciation Expense-Equipment
590	Miscellaneous Expense
710	Interest Expense

Journal Shaded cells have X 1 Jan. 9 N 3 1,120,000.00 1 4 Feb. 28 Treasury Stock Cash May Preferred Stock 1,120,000.00 1 5 60,000.00 6 Common Stock 139,200.00 1 7 199,200.00 1 Paid-In Capital in Excess of Par-Preferred Stock Jul. 10 dividends payable 8 199,200.00 9 Cash 199,200.00 1 10 Sep. 3 Cash 1,020,000.00 1 11 1 Paid-In Capital in Excess of Par-Preferred Stock Treasury Stock Oct. 1 Preferred Stock 180,000.00 840,000.00 12 1 13 60,000.00 + 14 Common Stock 139,200.00 + 15 199,200.00 16 835,200.00 dividends payable Oct. Retained Earnings Paid-In Capital in Excess of Par-Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 17 580,000.00 t 18 255,200.00 1