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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
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 1,279,500 common shares outstanding. |
Feb. | 28 | Purchased 39,200 shares of the corporations own common stock at $27, recording the stock at cost. |
May | 1 | Declared semiannual dividends of $0.90 on 75,000 shares of preferred stock and $0.15 on the common stock to stockholders of record on June 1, payable on July 10. |
Jul. | 10 | Paid the cash dividends. |
Sep. | 7 | Sold 30,800 shares of treasury stock at $34, receiving cash. |
Oct. | 1 | Declared semiannual dividends of $0.90 on the preferred stock and $0.15 on the common stock (before the stock dividend). In addition, a 3% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $38. |
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.
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